Array Technologies, Inc.

  • Active

Investigation
05/14/2021

Initial Lawsuit
05/14/2021

Lawsuit Progression
09/21/2021

Investigation

  • Continous Holding
    October 14, 2020 to May 11, 2021
  • Proposed Claim
    Securities Violation

Investigation regarding the negative impact of rising steel and freight costs on Array’s operations and relevant public offerings.

Main Event

Unexpected Costs Impact

05/11/2021

SEC Filing

Array Technologies publishes its Q1 2021 financial results press release, showing steel and freight cost impact on its margins and announcing potential impact in subsequent quarters because of the company’s previous decision to “let [its] suppliers take [the hedging] risk on“:

“We are taking several actions to mitigate the impact on the balance of the year, including passing through higher commodity and shipping costs to our customers, fixing commodity prices with our suppliers, entering into long-term contracts with freight providers, further diversifying our supply base, and increasing order lead-times to give us more time to procure raw material.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$13.46 $24.95 $-11.49 -46.05%
See more on Factual Timeline

Initial Lawsuit

Plaintiff brings this securities class action on behalf of:
(a) All persons or entities who purchased or otherwise acquired Array securities between October 14, 2020, and May 11, 2021, inclusive; and
(b) All persons and entities that purchased or otherwise acquired Array common stock pursuant, or traceable, or both, to: (i) the registration statement and prospectus issued in connection with the Company’s October 2020 initial public offering; or (ii) the registration statement and prospectus issued in connection with the Company’s December 2020 offering; or (iii) the registration statement and prospectus issued in connection with the Company’s March 2021 offering; or (iv) any combination of the IPO, December 2020 SPO, or March 2021 SPO.

  • Filing Date
    05/14/2021
  • Class Period
    10/14/2021 to 05/11/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Labaton Sucharow LLP
    Thornton Law Firm LLP
  • Case Title
    Plymouth County Retirement Association v. Array Technologies, Inc.
  • Docket Number
    1:21-cv-04390
  • Court
    New York Southern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(i) [Defendants were having] issues revolving around, inter alia, material negative impacts of rising steel and freight costs on its operations
(ii) Defendants repeatedly and consistently painted a materially misleading picture of the Company’s business and prospects that did not reflect these rising costs.

Defendants

  • Company
    Array Technologies, Inc.
  • Chief Executive Officer
    Jim Fusaro
  • Chief Financial Officer
    Nipul Patel
  • Director
    Troy Alstead
  • Director
    Orlando D. Ashford
  • Director
    Frank Cannova
  • Director
    Ron P. Corio
  • Chairman of the Board of Directors
    Brad Forth
  • Director
    Peter Jonna
  • Director
    Jason Lee
  • Company
    ATI Investment Parent, LLC
  • Company
    Oaktree ATI Investors, L.P.
  • Company
    Oaktree Power Opportunities Fund IV, L.P.
  • Underwriter
    Goldman Sachs & Co. LLC
  • Underwriter
    J.P. Morgan Securities LLC
  • Underwriter
    Guggenheim Securities, LLC
  • Underwriter
    Credit Suisse Securities (USA) LLC
  • Underwriter
    Barclays Capital Inc.
  • Underwriter
    UBS Securities LLC

  • See complaint for additional defendants

Lawsuit progression

  • Docket Number
    1:21-cv-04390
  • Court
    New York Southern District Court

Lead Counsel

09/21/2021

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Labaton Sucharow LLP
  • Lead Plaintiff
    Group of Funds
  • Free File
    Order for lead

Amended Complaint

12/07/2021

This securities class action is brought on behalf of: (a) All persons and entities that purchased or otherwise acquired Array securities during the period from October 14, 2020, through May 11, 2021, inclusive . . .; and (b) All persons and entities that purchased or otherwise acquired Array common stock pursuant, or traceable, or both, to: (i) the registration statement and prospectus issued in connection with the company’s October 2020 initial public offering (IPO); or (ii) the registration statement and prospectus issued in connection with the company’s December 2020 secondary offering (SPO); or (iii) the registration statement and prospectus issued in connection with the company’s March 2021 secondary offering (SPO); or (iv) any combination of the IPO, December 2020 SPO, or March 2021 SPO . . .

  • Updated Class Period
    10/14/2020 to 05/11/2021
  • Free File
    Amended Complaint

    • Operative complaint

[stockdio-historical-chart symbol=”ARRY” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

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