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Align Technology, Inc. (NASDAQ: ALGN) Investor Securities Class Action Lawsuit 11/05/2018

  • If you purchased shares of Align Technology, Inc. (NASDAQ: ALGN), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Align Technology, Inc.
Security
NASDAQ: ALGN

Case Name
Align Technology Shareholder Class Action Lawsuit 11/05/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Class Period End
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Summary

September 9, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.

January 17, 2020 - A motion to dismiss the consolidated amended complaint was filed.

November 29, 2019 - An amended consolidated complaint was filed.

October 29, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

June 24, 2019 - A motion to dismiss the corrected consolidated complaint was filed.

May 16, 2019 - A corrected the consolidated complaint was filed.

May 10, 2019 - A consolidated complaint was filed.

November 5, 2018 - An investor in shares of Align Technology, Inc. (NASDAQ:ALGN) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Align Technology, Inc. in connection with certain allegedly false and misleading statements made between July 25, 2018 and October 24, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Align Technology, Inc. (NASDAQ: ALGN) common shares between July 25, 2018 and October 24, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between July 25, 2018 and October 24, 2018, the Defendants failed to disclose to investors that the Company would offer higher discounts to promote Invisalign, that the promotions would materially impact revenue, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis

San Jose, CA based Align Technology, Inc. designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. Align Technology, Inc. reported that its annual Total Revenue rose from over $1.07 billion in 2016 to over $1.47 billion in 2017 and that its Net Income increased from $189.68 million in 2016 to $231.41 million in 2017.

Shares of Align Technology, Inc. (NASDAQ: ALGN) grew to as high as $398.88 per share in September 2018.

On October 24, 2018, Align Technology, Inc. (NASDAQ: ALGN) announced its Q3 2018 financial results. Therein, Align Technology, Inc. disclosed a more than 6% decrease in its Invisalign Average Selling Price (“ASP”). On the same day, Align Technology, Inc. also announced that its Chief Marketing Officer would “reduce his responsibilities and transition to a part-time position.”

Shares of Align Technology, Inc. (NASDAQ: ALGN) declined to as low as $203.12 per share on October 25, 2018.

On November 5, 2018, NASDAQ: ALGN shares closed at $228.12 per share.