Align Technology, Inc. (NASDAQ: ALGN) Investor Securities Class Action Lawsuit 03/02/2020

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Company Name(s): 
Align Technology
Case Name: 
Align Technology Shareholder Class Action Lawsuit 03/02/2020
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 

August 4, 2020 - An amended Complaint was filed.

April 28, 2020 - The case was transferred to the Northern District of California.

March 2, 2020 - An investor in shares of Align Technology, Inc. (NASDAQ: ALGN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Align Technology, Inc. in connection with certain allegedly false and misleading statements made between April 24, 2019 and July 24, 2019.

On July 24, 2019, after the market closed, Align Technology, Inc announced its financial results for the second quarter of 2019, revealing significantly declining sales volumes for its Invisalign products and drastically reducing its growth projections for the third quarter and full year of 2019. The Company’s Chief Executive Officer acknowledged that these problems were "primarily due to softness in China related to a tougher consumer environment" – a stark contrast from defendants’ representations about the Company’s Chinese operations between April 24, 2019 and July 24, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Align Technology, Inc. (NASDAQ: ALGN) common shares between April 24, 2019 and July 24, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 24, 2019 and July 24, 2019, the defendants made numerous materially misleading statements emphasizing the growth and performance of the Company’s operations in China, the Company’s most valuable market after the United States, that these statements included describing the "huge market opportunity" and "tremendous growth . . . in China, in particular," and characterizing the Company’s increasing presence in China as "a big hit with our Chinese customers", that these and other statements were materially false and misleading because they exaggerated the Company’s performance in China and omitted to disclose material declines in Chinese demand for the Company’s products and the deteriorating sentiment of consumers in China towards the Company’s products, and that as a result of defendants’ false statements and/or omissions, the price of Align common stock was artificially inflated to a high of more than $330 per share between April 24, 2019 and July 24, 2019.