ALGN SHAREHOLDER ALERT: Morgan & Morgan announces an investigation of Align Technology Inc. (ALGN) for federal securities fraud.
NEW YORK, Dec. 3, 2012 /PRNewswire/ -- Morgan & Morgan today announced it is investigating Align Technology, Inc. (ALGN). The firm also advised investors of the Jan. 28, 2013, deadline to move for lead plaintiff in an ALGN securities fraud class action filed on their behalf.
If you purchased shares of Align common stock between April 23, 2012 and Oct. 17, 2012, you are encouraged to contact George Pressly, Esq. at Morgan & Morgan at 1 (800) 631-6234 or email George at firstname.lastname@example.org.
A lawsuit, filed on Nov. 28, 2012, in the U.S. District Court for the Northern District of California, alleges that Align made false and/or misleading statements to investors in violation of the securities laws. Specifically, it claims that Align failed to timely record write downs associated with its acquisition of Cadent Holdings, Inc., causing it to overstate income and earnings, and failed to inform investors that negotiations with its exclusive European distributor, the Straumann Group ("Straumann"), were either failing or had already failed. At the same time, the complaint argues, insiders at Align sold hundreds of thousands of shares of company stock for tens of millions of dollars.
On Oct. 17, 2012, Align announced an end to its agreement with Straumann. The same day, it pre-announced third quarter fiscal 2012 results that were below analyst expectations. On the news, Align stock fell more than 20 percent.
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