Press release from Business Wire
The Shuman Law Firm Investigates Align Technology, Inc.
Tuesday, August 06, 2013
The Shuman Law Firm Investigates Align Technology, Inc.17:12 EDT Tuesday, August 06, 2013
BOULDER, Colo. (Business Wire) -- The Shuman Law Firm today announced that it is investigating potential claims against certain officers and directors of Align Technology, Inc. (“Align” or the “Company”) (Nasdaq: ALGN). Align designs, manufactures, and markets a system of clear aligner therapy, intra-oral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services that are used in dentistry, orthodontics, and dental records storage.
The firm's investigation concerns the Company's October 17, 2012 announcement that it would take a substantial impairment charge relating to its March 29, 2011 acquisition of privately held Cadent Holdings, Inc. (“Cadent”) for approximately $190 million in cash. Approximately two-thirds, or $135.3 million of the total transaction was goodwill, while tangible assets totaled approximately $19.4 million.
According to the Company's press release touting the acquisition, Cadent was “a leading provider of 3D digital scanning solutions,” which would provide Align with a “dedicated digital scanning platform for delivering Invisalign chair-side applications to dental practitioners and extends Align's presence into restorative dentistry.” The Company also stated that “[t]he combination of the two companies' market leading positions and technologies provides a significant opportunity to create growth and to build value for customers and shareholders.”
The October 17, 2012 announcement sent Align's stock price down more than 20%. Shortly preceding this announcement, Company insiders also sold more than 1.5 million shares of Align stock at allegedly artificially inflated prices to realize proceeds in excess of $52 million.
If you currently own Align common stock and are interested in discussing your rights as a shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at firstname.lastname@example.org or email Mr. Glenn at email@example.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
The Shuman Law Firm
Kip B. Shuman, Esq., 866-974-8626
Rusty E. Glenn, Esq., 866-974-8626