Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against Align Technology, Inc. (“Align”) (NasdaqGS: ALGN) and its officers and Board of Directors for potential breaches of fiduciary duties and violations of federal securities laws.
If you are an affected investor who purchased shares between April 23, 2012 and October 17, 2012 (“Class Period”) and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Align and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ disseminated materially false and misleading statements and concealed materially adverse facts regarding Align’s financial condition and growth prospects during the Class Period. Specifically, the complaint alleges that, amongst other things, Align deliberately disregarded and failed to disclose that: (a) Align’s reported income and earnings were materially overstated; (b) negotiation with Align’s exclusive distributor in Europe concerning their distribution relationship had failed or been failing; (c) Align’s sales and current sales trends could not support Align’s third quarter and fiscal 2012 financial forecasts. On October 17, 2012, Align issued a press release announcing its third quarter 2012 financial results which missed analysts’ revenue and earnings expectations, that certain service revenues had declined, and that there was a weak revenue and earnings outlook for the fourth quarter of 2012. These disclosures caused Align’s stock price to drop dramatically by over 20%. According to shareholder rights attorney Patrick Powers, “The investigation into Align relates to whether it made false and/or misleading statements or failed to disclose material information about its business operations and financial prospects. Our proposed lawsuit will seek to preserve Align’s stockholders’ rights and hold Align accountable for its actions.”