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Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Align Technology Inc


Friday, 7 Dec 2012 09:15pm EST 

Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Align Technology Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Align had materially overstated the Company's income and earnings; (2) the Company had failed to write down goodwill associated with the April 2011 acquisition of Cadent Holdings, Inc. (Cadent); (3) the goodwill associated with the Cadent acquisition had been materially impaired as the Company's negotiations with the Straumann Group (Straumann), the Company's exclusive distributor in Europe, over a distribution arrangement were failing; and (4) the Company's sales and current sales trend could not support Align's optimistic third quarter fiscal year 2012 financial forecasts. On October 17, 2012, the Company disclosed that as a result of the termination of its distribution agreement with Straumann, Align would need to review its goodwill and could sustain a large impairment charge, erasing a significant portion of the goodwill value of Cadent. On the same day, the Company issued a press release pre-announcing its third quarter fiscal 2012 financial results, which missed market revenue and earnings expectations. 

Company Quote

55.54
0.82 +1.50%
30 Jul 2014