Why are investors urged to act by the August 22nd deadline?

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Investors Urged to Act by August 22nd Deadline for Potential Compensation in Arrow Financial Corporation Securities Case

Investors who purchased securities of Arrow Financial Corporation (NASDAQ: AROW) between March 12, 2022, and May 12, 2023, are strongly encouraged to take action by the August 22, 2023 deadline. This date is critical for individuals seeking to potentially recover compensation without incurring out-of-pocket expenses, as they may be able to proceed on a contingency fee basis. The deadline specifically pertains to those wishing to serve as lead plaintiff in the ongoing class action lawsuit filed against the company.
Significance of the Lead Plaintiff Deadline

The August 22, 2023, deadline is paramount for individuals who wish to be appointed as the lead plaintiff in the securities class action concerning Arrow Financial Corporation. The lead plaintiff serves as a representative party, directing the litigation on behalf of all other class members. By moving the Court to be considered for this role before the deadline, eligible investors can actively participate in the lawsuit and influence its direction, all while potentially avoiding upfront legal costs through a contingency fee arrangement.
Potential for Compensation Without Out-of-Pocket Fees

For investors who acquired Arrow Financial Corporation securities during the specified Class Period, there is a possibility of receiving compensation without any personal financial outlay. The legal framework for such class actions often allows for a contingency fee arrangement, meaning legal fees are contingent upon a successful recovery. This structure aims to make legal recourse accessible to a broader range of investors who may have suffered financial losses due to alleged misconduct by the company.
Background of the Securities Class Action

The lawsuit alleges that Arrow Financial Corporation and its executives made false and/or misleading statements and failed to disclose critical information during the Class Period. Specifically, the claims suggest that the company had defective disclosure controls and internal financial reporting procedures, increasing the risk of not filing periodic financial reports with the SEC. This, in turn, allegedly placed Arrow Financial Corporation at an increased risk of being delisted from the NASDAQ, a severity that the company allegedly downplayed. When the actual details of these deficiencies became public, the lawsuit contends that investors suffered damages.

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Why are investors urged to act by the August 22nd deadline?

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