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SAN DIEGO and
SAN JOSE, Calif.,
Dec. 4, 2012 /PRNewswire/ -- Shareholder rights firm
Robbins Umeda LLP announces that a complaint has been filed in the U.S. District Court for the Northern District of
California on behalf of purchasers of Align Technology, Inc. (NASDAQ: ALGN) ("Align" or the "Company"). The complaint alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors between
April 23, 2012 and
October 17, 2012 (the "Class Period").
Align designs, manufactures, and markets digital treatment solutions for dental professionals, including the Invisalign system for orthodontic treatment. The complaint alleges that, throughout the Class Period, the Company issued a series of materially false and misleading statements to investors overstating its reported income and earnings. Specifically, the complaint alleges that the defendants' statements regarding the Company were materially false and misleading because Align failed to timely write down goodwill associated with its
April 2011 acquisition of Cadent Holdings, Inc. ("Cadent"). Further, according to the complaint, the company failed to disclose that negotiations between Align and its exclusive European distributor, the Straumann Group ("Straumann"), had been failing, resulting in a material impairment of the goodwill associated with the Cadent Acquisition. Additionally, the investors were not made aware that Align's third quarter and fiscal 2012 financial forecasts could not be supported by current sales trends. Moreover, as a result of these misrepresentations and/or omissions, Align's stock traded at artificially inflated prices during the class period, allowing Company insiders to sell more than 1.5 million shares of the Company's stock for more than
October 17, 2012, Align announced the termination of its distribution agreement with Straumann, and pre-announced that the Company would miss analysts' revenue and earnings expectations. On this news, Align's share price fell 20%, from
$35.41 per share on
October 17, 2012 to close at
October 18, 2012.
If you purchased or otherwise acquired Align stock during the Class Period and wish to serve as lead plaintiff, you must act no later than
January 28, 2013. To discuss your
shareholder rights, please contact attorney
Darnell R. Donahue at (800) 350-6003,
firstname.lastname@example.org, or via the
shareholder information form on the firm's website.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they have invested. For more information, please go to
Press release link:
Attorney Advertising. Past results do not guarantee a similar outcome.