Rochester,NY 8/26/2009 8:53:23 PM
Align Technology Inc. ALGN, Former Employee Investigation
Align Technology Inc.
An investigation on behalf of former and current employees of Align Technology, Inc. concerning potential Employee Retirement Income Security Act Breach of Fiduciary Duty was announced.
An investor in Align Technology shares has filed a proposed securities class action lawsuit in the United States District Court for the Northern District of California over alleged violations of Federal Securities Laws by Align Technology and other. According to the complaint the plaintiff alleges that Align Technology and its chief executive officer violated the federal securities laws by knowing or recklessly disregarding between January 30, 2007 and October 24, 2007 that the defendant’s public statements concerning Align Technology’s business, operations and prospects were materially false and misleading. Then on October 24, 2007, Align Technology held a conference call with analysts to discuss its third quarter 2007 financial results announced that same day.
During the conference call, Align Technology announced that certain of its executive officers acknowledged that, among other things, in an effort to clear prior backlog “we did not focus enough effort on filling the pipeline for new case starts,” and that the Company had to refocus its field and channel marketing teams to generate new case growth.
In response to this news shares of Align Technology, Inc. (Nasdaq:ALGN) declined the next day more than 33%, or $9.63 per share, to close on October 25, 2007, at $19.07 per share, on unusually heavy volume of more than 12 million shares traded.
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