LEAD PLAINTIFF DEADLINE IS AUGUST 22, 2023
NEW YORK, July 3, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed against Arrow Financial Corporation ("Arrow" or the "Company") (NASDAQ: AROW). The class action was filed in the United States District Court for the Northern District of New York, and is on behalf of a class that purchased or otherwise acquired Arrow securities between March 12, 2022 and May 12, 2023, both dates inclusive (the "Class Period")
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than August 21, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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Arrow is a bank holding company that provides commercial and consumer banking, as well as financial products and services.
On March 16, 2023, after-market, Arrow filed a notification of late filing on Form 12B-25, which stated that Arrow is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense. The Company explained that it required additional time to complete assessment of the effectiveness of internal controls over financial reporting as of December 31, 2022 and that KPMG LLP, the Company's independent accounting firm, had not yet completed its audit procedures.
On this news, Arrow's stock price fell $0.99 per share or 3.64% to close at $26.21 per share on March 17, 2023.
On March 31, 2023, the Company filed on Form 12b-25/A, an Amended Notice of Late Filing. The Company disclosed that it required additional time to complete management's assessment of the effectiveness of internal controls over financial reporting. The filing did disclose, however, that management has identified and expects to disclose deficiencies in the Company's internal controls over financial reporting in the 2022 Form 10-K including:
- the failure to design and maintain an effective risk assessment process;
- the failure to design and maintain effective monitoring activities relating to providing sufficient management oversight over the internal control evaluation process to support the internal control objectives, and assessing and communicating the severity of identified deficiencies in a timely manner to those individuals responsible for taking corrective action; and
- the design and execution of controls with respect to the Company's core system including post-migration from its legacy core system Bankway to its new operating system FIS Horizon in September 2022 such as with respect to the general ledger account reconciliation process. The Company maintained that it was working diligently to file the Form 10-K Annual Report as soon as practicable and that it "does not expect any material change to the financial results included in the 2022 Form 10-K."
On April 5, 2023, Arrow filed a current report on Form 8-K, which disclosed receipt of a notice from NASDAQ that the Company is noncompliant with the periodic filing requirements for continued listing for NASDAQ.
On May 11, 2023, after-market hours, Arrow filed a notice of late filing on Form 12b-25 disclosing the Company's inability to file its 1Q23 Form 10-Q with the SEC because the Company "continued to require additional time to complete management's assessment of the effectiveness of internal controls over financial reporting as of December 31, 2022." On this news, Arrow's stock price fell $0.33 per share or 1.66% to close at $19.59 per share on May 12, 2023.
Finally, on May 15, 2023, during pre-market hours, Arrow filed a Form 8-K with the SEC, disclosing receipt of a second notice of non-compliance from NASDAQ for violation of the periodic filing requirement for failure to timely file the Company's 1Q23 Form 10-Q. The Form 8-K also disclosed that Defendant Murphy, President, CEO and Board member of Arrow, terminated his employment in all capacities with the Company, effective May 12, 2023.
On this news, Arrow's stock price fell $0.53 per share or 2.71% to close at $19.06 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
