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Arrow Financial Corporation (AROW) SEC Report Case

N.D. New York
Case number
12 Mar 2022
Class period Start
12 May 2023
Class period End
22 Aug 2023
Lead Plaintiff motion deadline
  • Arrow Financial Corporation failed to file quarterly report and meet NASDAQ requirements.
  • Arrow's President & CEO resigned from all positions., leading to a 2.71% $AROW stock drop.
  • Investors suspect Arrow & its Accountables of misleading that led to investment losses.
On May 11, 2023, Arrow Financial Corporation (AROW) disclosed that it could not timely file its quarterly report “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, $AROW fell 1.66%.
  • Then, on May 15, 2023, Arrow disclosed that, on May 12, 2023, it received a second notice of non-compliance with the NASDAQ’s periodic filing requirements because of the Company’s failure to timely file the 1Q23 10-Q with the SEC.
  • Arrow also disclosed that the Company’s “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.”
On this news, $AROW fell 2.71%.

Taking all facts into account, Investors have reasons to suspect Arrow and its Accountables of misleading and failing to disclose that:
  1. Arrow maintained defective disclosure controls and procedures and internal controls over financial reporting;
  2. It increased the risk that the Company could not timely file one or more of its periodic financial reports with the SEC as required by the NASDAQ’s listing requirements;
  3. Arrow was at an increased risk of being delisted from the NASDAQ;
  4. Arrow downplayed the severity of these issues and the associated risks; and
  5. as a result, the Company’s public statements were materially false and misleading at all relevant times.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Suspected Party
Service Provider
Security Type
Trade Direction
Shock Event Date
11 May 2023
Filing date
23 June 2023
Lead Plaintiff Deadline
22 August 2023
Hon. Anne M. Nardacci
Collecting participants…
Created by Stan Vick, Scout

Arrow Financial Corporation

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-...

    Financial Services
    Banks - Regional
    250 Glen Street, Glens Falls, NY, United States, 12801