Hagens Berman Sobol Shapiro, LLP, a national investor-rights law firm, today announced it is investigating Align Technology, Inc. (NASDAQ: ALGN) (“Align”). The firm also advised investors of the Jan. 28, 2013, deadline to move for lead plaintiff in a securities fraud class action filed on their behalf.
If you purchased shares of Align common stock between April 23, 2012 and Oct. 17, 2012, inclusive (the “Class Period”), and suffered significant financial losses, you are encouraged to contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000 or emailing ALGN@hbsslaw.com.
The deadline to move for lead plaintiff in the filed lawsuit is Jan. 28, 2013. The deadline is only for those who wish to move for lead plaintiff in the proposed class action. The Court appoints as lead plaintiff the individual or group with the largest losses and who otherwise meets the requirements of an appropriate class representative.
The lawsuit, filed on Nov. 28, 2012, in the U.S. District Court for the Northern District of California, alleges that Align made false or misleading statements to investors in violation of the securities laws. Specifically, it claims that Align failed to timely record write downs associated with its acquisition of Cadent Holdings, Inc., causing it to overstate income and earnings, and failed to inform investors that negotiations with its exclusive European distributor, the Straumann Group (“Straumann”), were either failing or had already failed. At the same time, the complaint argues, insiders at Align sold hundreds of thousands of shares of company stock for tens of millions of dollars.On Oct. 17, 2012, Align announced an end to its agreement with Straumann. The same day, it pre-announced third quarter fiscal 2012 results that were below analyst expectations. On the news, Align stock fell more than 20 percent.