NEW YORK, NY / ACCESSWIRE / May 12, 2021 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, is investigating Array Technologies, Inc. (NYSE:ARRY) for potential securities violations and breach of fiduciary duty.
Shares of Array Technologies Inc. plummeted 32.8% to pace all Nasdaq decliners, putting them on track to close below their IPO price for the first time, after the maker of ground-mounting systems used in solar energy projects missed first-quarter profit expectations and withdrew its full-year outlook citing continued increases in steel and freight costs. The company reported late Tuesday net income that fell to $2.9 million, or 2 cents a share, from $73.7 million, or 61 cents a share, in the year-ago period. The company went public on Oct. 15 at an IPO price of $22 a share, and the stock closed as high as $51.05 on Jan. 22 before starting to sell off.
If you currently own stock or options in Array Technologies and want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at [email protected].
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Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at http://www.labaton.com.
Contact
David J. Schwartz
(800) 321-0476
[email protected]
SOURCE: Labaton Sucharow LLP