National law firm Glancy Prongay & Murray LLP (GPM) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Lu v. Align Technology, Inc. et. al. (docket number: 3:18-cv-06720), on behalf of persons and/or entities that acquired Align Technology, Inc. (Align or the Company) (NASDAQ: ALGN) securities between July 25, 2018 and October 24, 2018, inclusive (the Class Period). Plaintiff pursues claims against the Defendants, under the Securities Exchange Act of 1934.
Align investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
If you are a shareholder who suffered a loss, click here to participate.
On October 24, 2018, Align Technology issued a press release announcing its Q3 2018 financial results. Therein, the Company disclosed a more than 6% decrease in its Invisalign Average Selling Price (ASP). On the same day, the Company also announced that its Chief Marketing Officer would reduce his responsibilities and transition to a part-time position. On this news, Align Technologys share price shares fell $58.76, or 20% to close at $232.07 on October 25, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company would offer higher discounts to promote Invisalign; (2) that the promotions would materially impact revenue; and (3) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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If you purchased Align securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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