Key Developments For Align Technology Inc
Align Technology Inc (ALGN.O) (Nasdaq)
Align Technology, Inc. Issues Q4 2009 Guidance Above Analysts' Estimates
Align Technology, Inc. announced that for fourth quarter of 2009, it expects revenue to be in the range of $77.5-$81.0 million, GAAP earnings per diluted share (EPS) to be in a range of $0.07-$0.09 and non-GAAP EPS to be in the range of $0.08-$0.10. According to Reuters Estimates, analysts were expecting the Company to report revenue of $76.3 million and EPS of $0.06 for the same period.
Holzer Holzer & Fistel, LLC Announces That a Class Action Lawsuit Has Been Filed on Behalf of Investors in Align Technology, Inc.
Holzer Holzer & Fistel, LLC announced that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Align Technology, Inc. who purchased shares between January 30, 2007 through October 24, 2007, inclusive (the Class Period). The lawsuit alleges that Align failed to disclose that it was shifting its focus from generating new case starts to clearing backlog. The complaint alleges this shift resulted in a substantial decrease in new business which, according to the lawsuit, made the Company's Class Period statements about its financial prospects false and misleading.
Law Offices of Howard G. Smith, Representing Investors Of Align Technology, Inc., Announces Class Action Lawsuit
Law Offices of Howard G. Smith, representing investors of Align Technology, Inc. announced that it has filed a class action lawsuit in United States District Court on behalf of a class (Class) consisting of all persons or entities who purchased the common stock of Align between January 30, 2007 and October 24, 2007, inclusive (Class Period). The class action lawsuit was filed in the United States District Court for the Northern District of California. The Complaint charges the Company and its chief executive officer with violations of federal securities laws.
Shalov Stone Bonner & Rocco LLP Announces Class Action Against Align Technology, Inc.
Shalov Stone Bonner & Rocco LLP announced that a class action lawsuit has been filed on behalf of all persons or entities who purchased Align Technology, Inc. common stock between January 30, 2007 and October 24, 2007, inclusive (the Class Period). The suit is pending in the Northern District of California against Align and Thomas M. Prescott, Align's President and Chief Executive Officer. The complaint alleges that, throughout the Class Period, defendants misrepresented or failed to disclose or indicate that the Company was experiencing a considerable decrease in the number of new case starts, which resulted from Align having shifted the focus of its sales force to clearing backlog. As a result, the statements defendants made during the Class Period regarding Align's business, operations and financial prospects were materially false and misleading. The complaint also alleges that on October 24, 2007, during a conference call with analysts, certain of Align's executive officers shocked the market when they acknowledged that, among other things, in an effort to clear backlog, the Company failed to focus sufficient efforts on garnering new case starts. Consequently, the Company had to refocus its field and channel marketing teams to generate new case growth. On this news, the price of Align's shares fell more than 33%, closing at $19.07 per share, on October 25, 2007.
Align Technology, Inc. Announces Settlement With Danaher Corporation's Subsidiary Ormco Corporation To End Patent Litigation; To Collaborate On A Combination Product
Align Technology, Inc. announced that it has reached a settlement with Ormco Corporation (Ormco), a subsidiary of Danaher Corporation, to end all pending litigation between the parties and to begin a new strategic collaboration. As part of the settlement, Align will make a cash payment of approximately $13 million to Ormco and issue approximately 7.6 million shares of Align's Common Stock to Danaher Corporation, Ormco's ultimate parent, that after issuance will be equal to approximately 10% ownership interest in Align. Based on the closing price of Align's Common Stock on August 14, 2009, the value of the shares is approximately $77 million. Align and Ormco have also agreed upon an exclusive collaboration over the next seven years to develop and market an orthodontic product that combines the Invisalign system with Ormco's Insignia orthodontic brackets and arch wires system to treat the most complex cases. Each party will retain ownership of its pre-existing intellectual property, and each party will be granted intellectual property licenses in their respective field for jointly-developed combination products.
