Thieler Law Corp advises investors with losses exceeding $100,000 of the July 13, 2021 lead plaintiff deadline in a class action lawsuit filed against Array Technologies, Inc. (NASDAQ: ARRY) (Array Technologies, Inc. or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased Array Technologies, Inc. securities between October 14, 2020 and May 11, 2021, have until July 13, 2021 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Array Technologies, Inc. securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

Array describes itself as one of the world’s largest manufacturers of groundmounting systems used in solar energy projects. According to its SEC filings, Array’s principal product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers commonly referred to as a single-axis “tracker.” Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers generate up to 25% more energy and deliver a 22% lower levelized cost of energy (“LCOE”) than projects that use “fixed tilt” mounting systems. Trackers represent between 10% and 15% of the cost of constructing a ground-mounted solar energy project, and approximately 70% of all ground-mounted solar energy projects constructed in the U.S. during 2019 utilized trackers according to BloombergNEF and IHS Markit, respectively, as discussed in Array’s SEC filings.

In the Offerings, Defendants made no mention of issues revolving around, inter alia, material negative impacts of rising steel and freight costs on its operations. Furthermore, subsequent to the Offerings during the Class Period, Defendants repeatedly and consistently painted a materially misleading picture of the Company’s business and prospects that did not reflect these rising costs. After the Offerings, and subsequent to the Class Period, Array disclosed that it was experiencing increases in steel prices and substantial increases in the cost of both ocean and truck freight that in turn were having a material impact on its margins for the foreseeable future. This caused Array to miss profit expectations and withdraw its full-year outlook.

According to the lawsuit, the offering documents and defendants made false and/or misleading statements and/or failed to adequately disclose the then-existing rise of costs related to certain supplies such as steel, as well as the Company’s freight costs, and that these were likely to have, and were having, an adverse effect on the Company’s business and operations. The complaint also alleges that defendants made materially false and/or misleading statements in press releases and conference calls because defendants omitted and otherwise failed to disclose that dating back to Q1 2020, prices of certain commodities such as steel were increasing dramatically, and that Array was facing increasing freight costs, and as a result of the foregoing, the Company’s positive statements about its business and operations lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you were negatively impacted by your investment in Array Technologies, Inc. (NASDAQ: ARRY) securities between October 14, 2020 and May 11, 2021 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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