Arrow Financial Corporation (NASDAQ: AROW)

This lawsuit is for anyone who acquired securities in Arrow Financial Corporation (NASDAQ: AROW) from March 12, 2022 through May 12, 2023. 

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had proper financial controls in place but then by being unable to timely file its financial statements. 

On March 16, 2023, Arrow disclosed that it would be unable to timely file its 2022 annual report due to “[requiring] additional time to complete the assessment of the effectiveness of internal controls over financial reporting.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on March 31, 2023, Arrow disclosed that it would be unable to file the 2022 annual report within the extension period, while also noting that the Company expected to disclose deficiencies in its internal controls over financial reporting. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on May 11, 2023, the Company announced that it would not be able to file its first quarter 2023 report on time “because the Company continued to require additional time to complete management’s assessment of the effectiveness of internal controls over financial reporting as of December 31, 2022[.]” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on April 5, 2023, Arrow disclosed that it had received a notice of non-compliance with the NASDAQ periodic filing requirements due to the Company’s failure to timely file it’s 2022 report. Finally, on May 15, 2023, Arrow announced that it had received a second notice of non-compliance due to its failure to time file it’s first quarter 2023 report. The Company also disclosed that its “President and Chief Executive Officer and a member of the Board of Directors of Arrow . . . terminated his employment as President and CEO and as a director of the Company and from all other positions he holds with the Company and its affiliates, effective May 12, 2023.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. 

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Arrow Financial Corporation (NASDAQ: AROW) from March 12, 2022 through May 12, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.