Align Technology, Inc.
| Company Name | Align Technology, Inc. |
| Stock Symbol | ALGN |
| Class Period | April 24, 2019 to July 24, 2019 |
| Lead Plaintiff Motion Deadline | May 01, 2020 |
On July 24, 2019, Align announced its financial results for the second quarter of 2019, revealing significantly declining sales volumes for its Invisalign products and drastically reducing its growth projections for the third quarter and full year of 2019. The Company’s Chief Executive Officer attributed the decline “to softness in China related to a tougher consumer environment.”
On this news, the Company’s share price fell $74.26, or over 26%, to close at $200.90 per share on July 25, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that they had exaggerated the Company’s performance in China; and (2) that Chinese demand for the Company’s products materially declined.
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