NEW YORK, Nov. 30, 2012 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors who acquired Align Technology, Inc. ("Align" or the "Company") (Nasdaq:ALGN) securities between April 23, 2012 and October 17, 2012 (the "Class Period").
The Complaint alleges that Defendants' statements during the Class Period concerning Align's financial condition and results for fiscal 2012 were false and misleading, because Defendants knew and failed to disclose the following facts: (a) the Company's reported income and earnings were materially overstated, as the Company failed to timely write down goodwill associated with their acquisition of Cadent Holdings, Inc.; (b) negotiations with Straumann Group, the Company's European distributor, concerning its distribution relationship with Align had failed or been failing, and thus the goodwill associated with the acquisition of Cadent had already been materially impaired; and (c) the Company's sales and sales trends could not support the Company's third quarter and fiscal 2012 financial forecasts.
As a result of these misrepresentations and/or omissions, Align's stock traded at artificially inflated prices during the Class Period, reaching a high of over $39 per share on September 13, 2012, and allowing Company insiders to sell more than 1.5 million shares of Align stock at artificially inflated prices for more than $52 million.
If you wish to serve as lead plaintiff, you must move the Court no later than January 28, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at email@example.com.
While Gainey & McKenna did not file the Complaint in this matter, the firm, with offices in New York and New Jersey, regularly prosecutes cases on behalf of shareholders in state and federal courts throughout the United States.
CONTACT: Gainey & McKenna Thomas J. McKenna, Esq. (212) 983-1300 firstname.lastname@example.orgSource: Gainey & McKenna