NEW YORK, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Align Technology, Inc. (“Align Technology” or the “Company”) (NASDAQ:ALGN) of the January 4, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Align Technology stock or options between July 25, 2018 and October 24, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/ALGN.  There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26^th Floor
New York, NY 10017
Attn:  Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Align Technology securities between July 25, 2018 and October 24, 2018 (the “Class Period”).  The case, Lu v. Align Technology, Inc. et al, No. 18-cv-06720 was filed on November 5, 2018, and has been assigned to Judge Lucy H. Koh.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company would offer higher discounts to promote Invisalign; (2) such promotions would materially impact revenue; and (3) consequently, the defendants' positive statements about the Company's business, operations and prospects were materially misleading and/or lacked a reasonable basis.  

Specifically, October 24, 2018, the Company issued a press release to announce its third quarter 2018 financial results. The Company's results fell short of expectations. The same day, the Company filed an 8-K with the Securities and Exchange Commission (“SEC”) to disclose that the Chief Marketing Officer (“CMO”) would “reduce his responsibilities and transition to a part-time position.”

On this news, the Company’s stock price fell from $290.83 per share on October 24, 2018 to $232.07 per share on October 25, 2018—a $58.76 or 20.20% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Align Technology’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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