A Colorado law firm is investigating potential claims against certain officers and directors of Align Technology.
The Shuman Law 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 Cadent Holdings for approximately $190 million in cash.
According to a company press release announcing the acquisition, Cadent was "a leading provider of 3D digital scanning solutions" that would provide Align with a "dedicated digital scanning platform for delivering Invisalign chairside applications to dental practitioners and extends Align's presence into restorative dentistry," Shuman noted in a press release. The company also stated that "the 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 sold more than 1.5 million shares of Align stock to realize proceeds in excess of $52 million, according to Shuman.
The Shuman Law Firm represents investors across the U.S., concentrating its practice in securities class actions and shareholder derivative actions.
