SAN FRANCISCO, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP announces that it has filed a corrected complaint in the class action, David Infuso vs. Align Technology, Inc., et al., Case No. 3:18-cv-07469 filed in the U.S. District Court for the Northern District of California. The class action lawsuit is brought on behalf of investors who purchased Align Technology, Inc. (NASDAQ: ALGN) securities between April 25, 2018 and October 24, 2018, inclusive (the “Class Period”). The complaint alleges Align Technology, Inc. and its Chief Executive Officer (Joseph M. Hogan) and Chief Financial Officer (John F. Morici) violated the Securities Exchange Act of 1934.
The Complaint in this action expands the Class Period of a previously filed related action with a shorter class period of July 25, 2018 through October 24, 2018, inclusive. The Lead Plaintiff deadline is still January 4, 2019 for both of these related securities class actions.
Hagens Berman is continuing its investigation of disclosure violations on behalf of Align investors who purchased or acquired Align securities before and including the current class period. If you invested in Align between April 25, 2018 and October 24, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information and to view the corrected complaint visit:
https://www.hbsslaw.com/cases/ALGN
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On October 24, 2018, Align and management announced the Company’s 3Q 2018 earnings.
They reported clear-aligner sales of $427.1 million, up 25% over the prior-year period but a sequential decline of 1.4%. This drop stemmed primarily from lower average selling prices (“ASPs”) in the U.S. and internationally. Align and management blamed the Company’s lower ASPs in part on two separate promotional discounts.
This news drove the price of Align shares down as much as $87.71, or about 30%, during intraday trading on October 25, 2018.
“We’re focused on investors’ losses and on the extent to which management’s statements concerning competition, sales, and promotions were misleading,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Align should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ALGN@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000