According to the Complaint, Align is a medical device company that purports to design, manufacture, and market products for the treatment of malocclusion or the misalignment of teeth. Invisalign is the proprietary name for the Company’s clear aligners.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company would offer higher discounts to promote Invisalign; (2) that the promotions would materially impact revenue; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On March 22, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on May 10, 2019. Lead Plaintiff corrected the consolidated Complaint on May 16. Defendants filed a Motion to Dismiss the consolidated Complaint on June 24. On October 29, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On November 29, Lead Plaintiff filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on January 17, 2020. On September 9, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
On June 30, 2021, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on November 2.