SAN DIEGO–(BUSINESS WIRE)–$AROW #ArrowFinancialCorp—Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Arrow Financial Corp. (NASDAQ: AROW) securities between March 12, 2022 and May 12, 2023. Arrow Financial Corporation is a bank holding company that provides commercial and consumer banking, as well as financial products and services.
For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.
What is this Case About: Arrow Financial Corp. (AROW) had Defective Disclosure Controls and Procedures and Internal Controls over Financial Reporting
According to the complaint, during the class period, defendants failed to disclose that Arrow maintained defective disclosure controls and procedures and internal controls over financial reporting. As a result, the Company was at an increased risk of not timely filing one or more of its periodic financial reports with the SEC as required by the NASDAQ’s listing requirements and at an increased risk of being delisted from the NASDAQ. Even after the Company disclosed deficiencies in its disclosure controls and procedures and internal controls over financial reporting, Arrow downplayed the severity of these issues and the associated risks. When defendants finally disclosed Arrow’s inability to file its annual and quarterly reports with the SEC due to lack of internal controls over financial reporting, Arrow’s stock declined, harming shareholders.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Arrow Financial Corp. Shareholders who want to act as lead plaintiff for the class must file their papers by August 22, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
To be notified if a class action against Arrow Financial Corp. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Aaron Dumas, Jr.
Robbins LLP
5060 Shoreham Pl., Ste. 300
San Diego, CA 92122
adumas@robbinsllp.com
(800) 350-6003
www.robbinsllp.com