NEW YORK, Nov. 29, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced 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.
For more information, click here: http://zlk.9nl.com/align-technology-algn/.
According to the complaint, 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 suffered a loss in Align you have until January 28, 2013to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/align-technology-algn/
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP