Align Technology Inc (NASDAQ: ALGN) Investor Securities Class Action Lawsuit 08/11/2009

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Company Name(s): 
Align Technology
Case Name: 
Align Technology Shareholder Class Action Lawsuit 08/11/2009
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: ALGN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/11/2009
Class Period Begin: 
01/30/2007
Class Period End: 
10/24/2007
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
10/12/2009
Case Dismissed: 
03/14/2012
Summary: 

March 14, 2012 - The parties filed a stipulation of dismissal with prejudice.

February 3, 2012 - The court granted defendants' motion to dismiss with leave to amend.

September 7, 2011 - Defendants filed a motion to dismiss.

July 22, 2011 - The lead plaintiff filed a second amended complaint.

June, 8, 2011 - The court granted defendants' motion to dismiss with leave to amend.

March 26, 2010 - Defendants filed a motion to dismiss.

January 29, 2010 - The lead plaintiff filed an amended complaint.

November 13, 2009 - Lead plaintiff and lead counsel were appointed.

October 13, 2009 - Lead plaintiff motions were filed.

August 11, 2009 - 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 on behalf of a class consisting of all persons or entities who purchased the common stock of Align Technology Inc (NASDAQ: ALGN) between January 30, 2007 and October 24, 2007 over alleged violations of Federal Securities Laws by Align Technology Inc and other.

According to the complaint the plaintiff alleges that Align Technology Inc and its chief executive officer violated the federal securities laws by knowing or recklessly disregarding between January 30, 2007 and October 24, 2007 that the defendant’s public statements concerning Align Technology Inc’s business, operations and prospects were materially false and misleading. Then on October 24, 2007, Align Technology Inc held a conference call with analysts to discuss its third quarter 2007 financial results announced that same day. During the conference call, Align Technology Inc announced that certain of its executive officers acknowledged that, among other things, in an effort to clear prior backlog “we did not focus enough effort on filling the pipeline for new case starts,” and that the Company had to refocus its field and channel marketing teams to generate new case growth.

In response to this news shares of Align Technology Inc (NASDAQ: ALGN) declined the next day more than 33%, or $9.63 per share, to close on October 25, 2007, at $19.07 per share, on unusually heavy volume of more than 12 million shares traded. According to previous investigations by law firms it has come also to light that in the months prior to Align Technology Inc’s October 24, 2007 announcement, certain company insiders sold hundreds of thousands of shares of their personally held Align Technology Inc's common stock and realized gross proceeds in excess of $20 million.

Align Technology Inc, located in Santa Clara, California, designs, manufactures, and markets the Invisalign system, a method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Align Technology Inc reported in 2007 Total Revenue of $284.33million and in 2008 Total Revenue of $303.98million with a Net Income of $79.99million. Shares of Align Technology Inc (NASDAQ: ALGN) traded recently at $10.40 per share, down form a 52weekHigh of $13.74 per share and $28.46 per share in 2007.