Array Technologies, Inc.
|Company Name||Array Technologies, Inc.|
|Class Period||October 11, 2020 to May 11, 2021|
|Lead Plaintiff Motion Deadline||July 13, 2021|
In October 2020, Array completed its initial public offering (“IPO”), selling 7 million shares at $22 per share.
On May 11, 2021, after the close of trading, Array announced first quarter 2021 results, reporting lower revenues year-over-year and lower margins as a result of increased steel and shipping costs. The Company also announced that Peter Jonna had resigned from the Board of Directors effective May 10, 2021.
On this news, Array’s stock price fell $11.49 per share, or 46%, to close at $13.46 per share on May 12, 2021, significantly below the IPO price.
The complaint filed alleges that in the registration statements for the Offerings and 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 that: (1) dating back to the first quarter of 2020, prices of certain commodities such as steel was in the process of more than doubling, and Array was facing increasing freight costs; (2) the increases in commodity and freight costs had been negatively impacting the Company’s business and operations; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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