RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Align Technology, Inc. ("Align" or the "Company") (NASDAQ: ALGN) securities during the period from April 24, 2019 through July 24, 2019, inclusive (the “Class Period”).
Align shareholders may, no later than May 1, 2020, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Align and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The complaint focuses on Align’s misrepresentations and concealments about the Company’s operations in China, the Company’s most valuable market after the U.S.
The complaint alleges that Defendants repeatedly and positively described the huge market opportunity and tremendous growth in China for Align’s Invisalign products while omitting to disclose material declines in Chinese demand for the products.
On July 24, 2019, after the market closed, the truth emerged when Align announced disappointing Q2 2019 financial results revealing declining Invisalign sales. The Company blamed the poor performance on softness in the China market related to a tougher consumer environment, in stark contrast to its earlier statements.
This news sent the price of Align shares down nearly $75, or down over 27%, on July 25, 2019.
If you are a member of the class, you may, no later than May 1, 2020, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.