NEW YORK, NY / ACCESSWIRE / July 9, 2021 / Labaton Sucharow LLP (‘Labaton Sucharow’) announces that it has opened a securities class action lawsuit on May 14, 2021, entitled Plymouth County Retirement Association v. Array Technologies, Inc., No. 21-cv-2396 (SDNY) (the ‘Lawsuit’), on behalf of its client, Plymouth County Retirement Association (‘PCRA’) v Array Technologies, Inc. (NASDAQ: ARRY) (‘ Array ‘or the’ Company ‘) and other related parties (collectively the’ Defendants ‘)’).

The lawsuit brings claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and SEC Rule 10b-5, which is promulgated below, on behalf of all natural persons and legal entities who purchased or otherwise acquired Array securities between October 14, 2020 and May 11, 2021 inclusive (the “Class Period”) that were damaged thereby. The claims under the Exchange Act are being brought against Array and certain officers of the company.

Separately, the lawsuit seeks claims under Sections 11, 12 (a) (2), and 15 of the Securities Act of 1933 (the “Securities Act”) on behalf of any person and entity who owns and / or resides in Array common stock the Company’s IPO in October 2020, the Company’s secondary IPO in December 2020, or the Company’s secondary IPO in March 2021 (collectively, the “Offerings”) are recoverable and damaged thereby.

In connection with the Offers, Array has filed registration statements and prospectuses with the US Securities and Exchange Commission (the “Offer Documents”). The Securities Act claims are against Array, investment banks who acted as underwriters on the offers, and the directors and officers of the company who signed the offer materials. ATI Investment Parent, LLC, an Array shareholder who has sold significant amounts of Array stock in the Offerings, is also named as a defendant in connection with the Securities Act claims.

The story goes on

Array is an Albuquerque, New Mexico based manufacturer of open space systems used in solar energy projects. The company’s main products are commonly referred to as “trackers”. Trackers are designed to move solar panels throughout the day to maintain optimal alignment with the sun, which greatly increases their energy production.

With respect to the Exchange Act claims, the lawsuit alleges that throughout the collection period, defendants made false and misleading information for failing to and otherwise failing to disclose that prices of certain commodities, such as steel, lasted through the first quarter of 2020 Reaching back was about to more than double and Array was faced with rising freight costs. As a result of the foregoing, the Company’s positive statements about its business and operations were lacking in any reasonable basis.

Similarly, in relation to the Securities Act claims, the lawsuit alleges that the offering materials contained false and misleading statements because they omitted and otherwise failed to disclose that prior to the offers, increases in raw material and freight costs negatively affected the business of the Company and operations.

On May 11, 2021, just months after the deals, the truth about these rising costs and its negative impact on the company’s bottom line was revealed. On that day, Array released its first quarter 2021 results, which fell short of earnings analysts’ expectations, and withdrew its full-year outlook for 2021, citing rising steel and freight costs. Analysts immediately lowered their ratings of Array stock, citing concerns about the company’s falling profit margins. For example, in a Barclays report, analysts downgraded Array stock from overweight to underweight because of concerns about volume, margins and profitability. As a result of this news, Array’s share price fell $ 11.49 per share, or 46.1 percent, to close at $ 13.46 per share on May 12, 2021.

If you: (1) bought or otherwise acquired Array Securities during the Class Action Period and were damaged as a result, or (2) bought or otherwise acquired Array Common Stock in accordance with any of the Offers and / or are attributable to them and were damaged as a result, you are a member of the “group” and may apply for appointment as lead plaintiff.

The lead plaintiff’s motion papers must be filed with the U.S. District Court for the Southern District of New York no later than July 13, 2021. The lead plaintiff is a court-appointed representative for absent members of the group. You do not need to seek appointment as a lead plaintiff to participate in a class action in the lawsuit. If you are a class member and there is a recovery for the class, you can attend that recovery as an absent class member. You can hire a lawyer of your choice to represent you in the lawsuit.

If you would like to act as the lead plaintiff or if you have any questions about this lawsuit, you can contact David J. Schwartz, Esq. from Labaton Sucharow at (800) 321-0476 or by email at [email protected]

PCRA is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with more than $ 2 trillion in assets under management. Labaton Sucharow has been recognized by courts and peers for excellence and is regularly ranked in leading industry publications. Offices are in New York, NY, Wilmington, DE and Washington, DC. More information about Labaton Sucharow can be found at www.labaton.com. You can view a copy of the complaint here.

SOURCE: Labaton Sucharow LLP

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