Arrow Financial Corp. (AROW) had Defective Disclosure Controls and Procedures and Internal Controls over Financial Reporting
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.
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.
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.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
