The law firm of Kirby McInerney has launched an investigation into Align Technology to determine if the company violated federal securities laws.
During Align's second-quarter earnings call with investors, the company said its portfolio was largely resilient to negative economic trends. The company's third-quarter earnings report fell short of previous guidance and market analyst expectations, according to a Nov. 9 news release from Kirby McInerney.
Officers from Align attributed the reduction in the adult tooth aligner market to macroeconomic trends. After this news, the price of the company's stock dropped nearly 25%.
In addition to investigating securities laws violations, the law firm is investigating whether Align and its officers engaged in unlawful business practices.
Kirby McInerney is the second law firm to launch an investigation into Align. Levi & Korsinsky announced its investigation Nov. 7.