The Law Offices of Frank R. Cruz announces an investigation of Array Technologies, Inc. (“Array” or the “Company”) (NASDAQ: ARRY ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On May 11, 2021, after the close of trading, Array issued a press release reporting first quarter 2021 results on their Form 8-K filed with the SEC disclosing lower revenues year-over-year and lower margins as a result of increased steel and shipping costs. The Company also announced that Peter Jonna had resigned from the Board of Directors effective May 10, 2021. Analysts immediately cut their ratings on Array stock citing concerns about the Company's shrinking profit margins. In a Barclays report, analysts downgraded Array stock from "Overweight" to "Underweight" noting concerns about volumes, margins, and earnings power
On this news, Array’s stock price dropped $11.49 per share to close at $13.46 on May 12, 2021 on unusually high trading volume.
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If you purchased Array securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com , or visit our website at www.frankcruzlaw.com . If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com