Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or acquired Array Technologies, Inc. (“Array”) (NASDAQ: ARRY) securities between October 14, 2020, and May 11, 2021, inclusive (the “Class Period”), and/or those that purchased or otherwise acquired Array common stock pursuant, or traceable, or both, to: (i) the registration statement and prospectus issued in connection with Array’s October 2020 initial public offering (the “IPO”); or (ii) the registration statement and prospectus issued in connection with Array’s December 2020 offering (the “December 2020 SPO”); or (iii) the registration statement and prospectus issued in connection with Array’s March 2021 offering (the “March 2021 SPO”); or (iv) any combination of the IPO, December 2020 SPO, or March 2021 SPO. Together, the IPO, December 2020 SPO, and March 2021 SPO are collectively referred to as the “Offerings.”
Array investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described above, you may no later than July 13, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
Array is one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects. Array’s principal product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers commonly referred to as a single-axis “tracker,” which moves solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers generate up to 25% more energy and deliver a 22% lower levelized cost of energy than projects that use “fixed tilt” mounting systems.
The complaint alleges that in the Offerings, the defendants made no mention of issues revolving around, inter alia, material negative impacts of rising steel and freight costs on its operations. Furthermore, subsequent to the Offerings during the Class Period, the defendants repeatedly and consistently painted a materially misleading picture of Array’s business and prospects that did not reflect these rising costs.
However, the truth was revealed on May 11, 2021 when, after the close of trading, Array issued a press release that reported, inter alia, lower revenues year-over-year and lower margins as a result of increased steel and shipping costs. Following this news, Array’s stock price dropped $11.49 per share on May 12, 2021 to close at $13.46.
The complaint alleges that throughout the Class Period and in the Offering documents, the defendants made false and/or misleading statements and/or failed to disclose: (1) the ongoing impact of various rising costs, including costs related to certain supplies such as steel, as well as Array’s freight costs; and (2) as result of the foregoing, Array’s positive statements about its business and operations lacked a reasonable basis.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.