NEW YORK, July 10, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of Arrow Financial Corp. (“Arrow” or the “Company”) (NASDAQ: AROW) securities between March 12, 2022 and May 12, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Arrow securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than August 22, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On March 16, 2023, during after-market hours, Arrow disclosed that it could not timely file its annual report on Form 10-K with the SEC for the quarter and year ended December 31, 2022 because “[t]he Company requires additional time to complete the assessment of effectiveness of internal controls over financial reporting as of December 31, 2022.” Following this news, Arrow’s stock price fell 3.64% to close at $26.21 per share on March 17, 2023. Subsequently, the Company stated that once the assessment is completed, “it may conclude that these or other deficiencies may be determined to be material weaknesses.”
On May 11, 2023, during after-market hours, Arrow disclosed that it will be unable to timely file its first quarter Form 10-Q and that the Company continued to require additional time to complete management’s assessment of the effectiveness of its internal controls over financial reporting as of December 31, 2022. Following this news, Arrow’s stock price fell 1.66%, to close at $19.59 per share on May 12, 2023.
Then, on May 15, 2023, Arrow disclosed, among other things, that its President and CEO, Thomas J. Murphy, terminated his employment as President and CEO and a director of the Company. Following this news, Arrow’s stock price fell 2.71% to close at $19.06 per share on May 15, 2023.
The complaint alleges that throughout the Class Period Arrow downplayed the true scope and severity of its defective disclosure controls and procedures and internal controls over financial reporting, as well as the risk inherent in those defective controls over financial reporting.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
