Align Technology, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Align Technology, Inc. (“Align” or the “Company”) (NASDAQ: ALGN) securities during the period from April 24, 2019 through July 24, 2020. Investors have until May 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company made false and misleading statements that materially overstated the Company’s performance in China and omitted to disclose material declines in Chinese demand for the Company’s products and the deteriorating sentiment of Chinese consumers towards the Company’s products.
On July 24, 2019, Align reported significantly declining sales volumes for its Invisalign products and drastically reduced growth projections for the third quarter and full year of 2019. CEO Joseph M. Hogan acknowledged that these problems were “‘primarily due to softness in China related to a tougher consumer environment’” – a stark contrast from the Company’s Class Period representations about its Chinese operations.
On this news, the price of Align shares fell $74.26, or 26.9%, to close at $200.90 per share on July 25, 2019.
If you acquired Align securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.