SAN DIEGO & SAN JOSE, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Align Technology, Inc. (NasdaqGS: ALGN) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between July 25, 2018 and October 24, 2018. Align manufactures a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing digital services.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/align-technology-inc-nov-2018/
Align Accused of Failing to Disclose Negative Impact of its Invisalign Promotions
According to the complaint, on July 25, 2018, Align's President and CEO Joe Hogan stated that the company's 37.5% year-over-year revenue growth was due to momentum from Invisalign doctors and increased adoption of Invisalign treatment for teenage patients. Hogan further touted that Invisalign's customer base was over 50,000 for the first time and included more than 5,000 Invisalign-trained doctors. However, Align's higher discounts to promote Invisalign were negatively impacting the company's revenue. On October 24, 2018, Align reported that its Invisalign average selling price had declined from $1,315 to $1,230 and that its Chief Marketing Officer would reduce his responsibilities and transition to a part-time position. On this news, Align's stock fell over 20% on October 25, 2018, and then declined even further to close at $217.94 per share on October 29, 2018.
Align Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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