Align Technology, Inc. hit by shareholder lawsuit

Aug. 17, 2009 - PRLog -- An investor in Align Technology shares has filed a proposed securities 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.  between January 30, 2007 and October 24, 2007 over alleged violations of Federal Securities Laws by Align Technology and other.

If you purchased Align Technology, Inc. (Public, NASDAQ-ALGN) shares between January 30, 2007 and October 24, 2007, you have certain options and there are short and strict deadlines running. Deadline: October 09, 2009. Those investors and current long term investor in Align Technology, Inc.  should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554


According to the complaint the plaintiff alleges that Align Technology and its chief executive officer violated the federal securities laws by knowing or recklessly disregarding between January 30, 2007 and October 24, 2007 that the defendant’s public statements concerning Align Technology’s business, operations and prospects were materially false and misleading. Then on October 24, 2007, Align Technology held a conference call with analysts to discuss its third quarter 2007 financial results announced that same day. During the conference call, Align Technology announced that 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 that the Company had to refocus its field and channel marketing teams to generate new case growth.
In response to this news shares of Align Technology, Inc.  declined the next day 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. According to previous investigations by law firms it has come also to light that in the months prior to Align’s October 24, 2007 announcement, certain company insiders sold hundreds of thousands of shares of their personally held Align common stock and realized gross proceeds in excess of $20 million.
Align Technology, Inc., located in Santa Clara, California, designs, manufactures, and markets the Invisalign system, a method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Align Technology reported in 2007 Total Revenue of $284.33million and in 2008 Total Revenue of $303.98million with a Net Income of $79.99million. Shares of Align Technology  traded recently at $10.40 per share, down form a 52weekHigh of $13.74 per share and $28.46 per share in 2007.

Those who purchased Align Technology, Inc. (Public, NASDAQ-ALGN) shares between January 30, 2007 and October 24, 2007, have certain options and there are short and strict deadlines running. Deadline: October 09, 2009. Those investors and current long term investor in Align Technology, Inc.  should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.