Monday, August 10, 2009

As if Align Didn't have enough problems

ALIGN TECHNOLOGY INC in Santa Clara, California is being investigated by the law offices of Howard G. Smith in Bensalem, Pennsylvania for potential securities violations that occurred in 2007. www.aligntech.com www.howardsmithlaw.com

This is from the Smith Law Web Site:
This investigation is on behalf of investors in the common stock of Align Technology, Inc. (NASDAQ: ALGN) who acquired their shares between January 30, 2007 and October 24, 2007.

The Law Offices of Howard G. Smith believes that Align Technology and certain of its executives violated federal laws. The Law Offices of Howard G. Smith believes that, throughout the time period mentioned above, the defendants made materially false statements about the Company’s financial condition. Specifically, the Law Offices of Howard G. Smith believes that the Defendants mislead investors into believing that its prospects for future sales of its Invisalign product were greater than they really were.

On October 24, 2007, the Company acknowledged that, in an effort to clear prior backlog, “we did not focus enough effort on filling the pipeline for new case starts,” and had to refocus its field and channel marketing teams to generate case growth. In response to this news, on October 25, 2007, shares of Align stock plummeted over 33% from its previous day's close, on heavy volume.

Additionally, it has come to light that in the months prior to the Company's October 24, 2007 announcement, certain company insiders sold hundreds of thousands of shares of their personally held Align common stock for gross proceeds in excess of $20 million.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired common stock in Align Technology, Inc. (NASDAQ: ALGN) between January 30, 2007 and October 24, 2007.you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.

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