NEW YORK, NY / ACCCESSWIRE / June 18, 2021 / Pomerantz LLP is investigating claims on behalf of investors ofArray Technologies, Inc.("Array" or the "Company") (NASDAQ:ARRY). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Array and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 11, 2021, post-market, Array issued a press release announcing its financial results for the first quarter of 2021. Among other results, Array reported lower revenues year-over-year and lower margins, citing increased steel and shipping costs. Concurrently, Array announced the resignation of Peter Jonna from the Company's Board of Directors, effective May 10, 2021. During an earnings call later that day, when asked by an analysts to explain the Company's "decision-making process for not hedging steel," Nipul Patel, the Company's Chief Financial Officer, stated that "in the past, that has not been our strategy. We had been . . . let[ting our suppliers] take that risk on." Following these disclosures, analysts cut their ratings on Array's stock, citing concern about its shrinking profit margins.
On this news, Array's stock price fell $11.49 per share, or 46.05%, to close at $13.46 per share on May 12, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP
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