Aug. 11, 2009 (Business Wire) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased the common stock of Align Technology, Inc. (“Align” or the “Company”) (Nasdaq:ALGN) between January 30, 2007 and October 24, 2007, inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges the Company and its chief executive officer with violations of federal securities laws. Align Technology, Inc. designs, manufactures and markets the Invisalign system for treating the misalignment of teeth. Invisalign utilizes a series of nearly invisible, removable appliances that gently move teeth to a desired final position. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Align’s business, operations and prospects were materially false and misleading. Specifically, the Complaint alleges that during the Class Period defendants failed to disclose or indicate that the Company had shifted the focus of its sales force to clearing backlog, causing a significant decrease in the number of new case starts. Consequently, defendants’ misleading statements and omission of materially adverse information rendered their Class Period statements concerning the Company’s business, operations and financial prospects materially false and misleading at all relevant times.
On October 24, 2007, Align held a conference call with analysts to discuss the Company’s third quarter 2007 financial results announced that same day. During the conference call, the Company shocked the market when certain of its executive officers acknowledged that, among other things, in an effort to clear prior backlog “we did not focus enough effort on filling the pipeline for new case starts,” and the Company had to refocus its field and channel marketing teams to generate new case growth.
The next day, as a result of this news, shares of Align declined more than 33%, or $9.63 per share, to close on October 25, 2007, at $19.07 per share, on unusually heavy volume of more than 12 million shares traded.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
