Company: Align Technology, Inc.
Class Period: July 25, 2018 — October 24, 2018
Court: U.S.D.C. – Northern District of California
Deadline: January 4, 2019
Kaskela Law LLC announces that a class action lawsuit has been filed against Align Technology, Inc. (NASDAQ: ALGN) (“Align Technology” or the “Company”) on behalf of purchasers of the Company’s common stock between July 25, 2018 and October 24, 2018, inclusive (the “Class Period”).
On October 24, 2018, Align Technology issued a press release announcing its Third Quarter 2018 financial and operational results, and disclosed a more than 6% decrease in its Invisalign Average Selling Price (“ASP”). On the same day, the Company also announced that its Chief Marketing Officer would “reduce his responsibilities and transition to a part-time position.” Following this news, shares of Align Technology’s common stock fell $58.76 per share, or over 20%, to close on October 25, 2018 at $232.07 per share.
The class action complaint alleges that defendants made materially false and misleading statements during the Class Period, and failed to disclose to investors that: (i) the Company would offer higher discounts to promote Invisalign; (ii) such promotions would materially impact revenue; and (iii) that, as a result of the foregoing, the defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis. The complaint further alleges that investors purchased Align Technology’s common stock at artificially inflated prices during the Class Period and suffered investment losses as a result of the defendants’ conduct.
IMPORTANT DEADLINE: Investors who purchased Align Technology’s common stock during the Class Period may, no later than January 4, 2019, seek to be appointed as a lead plaintiff representative of the investor class.
Investors who purchased Align Technology’s common stock during the Class Period and suffered a financial loss in excess of $100,000 are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 to discuss their legal rights and recovery options and/or complete the information form on this page.