An investigation on behalf of current long term investors in Array Technologies, Inc. (NASDAQ:ARRY) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 09/20/2021 -- Certain directors of Array Technologies, Inc. are under investigation over potential breaches of fiduciary duties.
Investors who are current long term investors in Array Technologies, Inc. (NASDAQ: ARRY) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NASDAQ: ARRY stocks follows a lawsuit filed against Array Technologies, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: ARRY stocks, concerns whether certain Array Technologies, Inc. directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the Defendants made false and misleading statements because they omitted and otherwise failed to disclose that, dating back to the first quarter of 2020, prices of certain commodities such as steel was in the process of more than doubling, and that Array was facing increasing freight costs. As a result of the foregoing, the Company's positive statements about its business and operations lacked a reasonable basis.
In addition, the company conducted secondary public offerings in December 2020 and March 2021In connection with these secondary Offerings, Array filed registration statements and prospectuses with the U.S. Securities and Exchange Commission (the "Offering Materials").
The plaintiff claims that Array, certain investment banks that acted as underwriters on the Offerings, and certain Company directors and officers the Offering Materials contained false and misleading statements because they omitted and otherwise failed to disclose that, prior to the Offerings, increases in commodity and freight costs had been negatively impacting the Company's business and operations.
Those who purchased shares of Array Technologies, Inc. (NASDAQ: ARRY) have certain options and should contact the Shareholders Foundation.
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