Align Technology Inc (NASDAQ: ALGN) Investor Securities Class Action Lawsuit 11/28/2012

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Company Name(s): 
Align Technology
Case Name: 
Align Technology Shareholder Class Action Lawsuit 11/28/2012
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: ALGN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/28/2012
Class Period Begin: 
01/31/2012
Class Period End: 
10/17/2012
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
01/28/2013
Case Dismissed: 
05/05/2017
Summary: 

May 5, 2017 - The U.S. Court of Appeals for the Ninth Circuit affirmed the judgment of the district court.

September 22, 2014 - The lead plaintiff filed a notice of appeal.

August 22, 2014 - The court granted the defendants' motion to dismiss with prejudice.

February 7, 2014 - The defendants filed a motion to dismiss.

January 8, 2014 - The lead plaintiff filed a second amended complaint.

December 9, 2013 - The court granted the defendants motion to dismiss with leave to amend.

August 22, 2013 - The defendants filed a motion to dismiss.

July 11, 2013 - The lead plaintiff filed an amended complain on behalf of investors who purchased Align Technology Inc (NASDAQ: ALGN) common shares between January 31, 2012 and October 17, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 31, 2012 and October 17, 2012.

May 29, 2013- The lead plaintiff and lead counsel were appointed.

January 28, 2013 - A lead plaintiff motion was filed.

November 28, 2012 - 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 against Align Technology Inc over alleged violations of Federal Securities Laws Laws in connection with certain allegedly false and misleading statements made between April 23, 2012 and October 17, 2012.

According to the complaint the plaintiff alleges on behalf of purchasers of Align Technology Inc (NASDAQ: ALGN) common stock during the period between April 23, 2012 and October 17, 2012, that Align Technology Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.

Specifically, the plaintiff alleges that defendants allegedly issued between April 23, 2012 and October 17, 2012 materially false and misleading statements regarding Align Technology's current financial condition and quarterly and year-end revenue and earnings outlook for fiscal 2012.

On July 19, 2012, Align Technology Inc announced its second quarter FY 2012 results. Among other things, Align Technology Inc issued its guidance for the third quarter in the FY 2012. Align Technology Inc (NASDAQ: ALGN) said for the third quarter of fiscal 2012 (Q3 12), it expects net revenues to be in a range of $136.8 million to $140.8 million.

Shares of Align Technology Inc (NASDAQ: ALGN) grew to as high as $39.38 per share on October 5, 2012.

Then on October 17, 2012, Align Technology Inc announced its preliminary third quarter FY 2012 results. Among other things, Align Technology Inc said that its third quarter FY 2012 revenue is $136.5 million.

Shares of Align Technology Inc (NASDAQ: ALGN) dropped from as high as $38.166 per share on Wednesday, October 17, 2012, to as low as $25.53 per share on Thursday, October 18, 2012 and continued to decline to as low as $25.39 per share on November 15, 2012.

On November 28, 2012, Align Technology Inc (NASDAQ: ALGN) shares closed at $26.80 per share.