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Why Array Technologies Stock Crashed in 2021
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NEW YORK, June 22, 2021 /PRNewswire/ Pomerantz LLP is investigating claims on behalf of investors of
Array Technologies, Inc. ( Array or the Company ) (NASDAQ: ARRY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Array and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 11, 2021, post-market, Array issued a press release announcing its financial results for the first quarter of 2021. Among other results, Array reported lower revenues year-over-year and lower margins, citing increased steel and shipping costs. Concurrently, Array announced the resignation of Peter Jonna from the Company s Board of Directors, effective May 10, 2021. During an earnings call later that day, when asked by an analysts to explain the Company s decision-making process for not