Array Technologies, Inc.
On May 11, 2021, Array reported their first quarter 2021 results, missing expectations on profit and withdrawing their full-year outlook citing to increases in steel and freight costs. Analysts cut their ratings on the news, focusing on the Company’s shrinking profit margins.
On this news, Array’s share price fell $11.49 per share, or 46.1%, to close at $13.46 per share on May 12, 2021.
The Complaint alleges that the Company made false and misleading statements as to the prices of certain commodities such as steel and upcoming increases in freight costs, and that its positive statements lacked a reasonable basis.
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