Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Arrow Financial Corporation (“Arrow” or the “Company”) (NASDAQ: AROW) securities between March 12, 2022 and May 12, 2023, inclusive (the “Class Period”). Arrow investors have until August 22, 2023 to file a lead plaintiff motion.

If you suffered a loss on your Arrow investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Arrow-Financial-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On March 16, 2023, Arrow disclosed that it would be unable to file its 2022 annual report on time because the Company needed “additional time to complete the assessment of the effectiveness of internal controls over financial reporting.” On this news, Arrow’s stock price fell $0.99, or 3.6%, to close at $26.21 per share on March 17, 2023, thereby injuring investors.

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, Arrow’s stock price fell $0.33, or 1.7%, to close at $19.59 per share on May 12, 2023.

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 its 2022 report. On May 15, 2023, Arrow announced that it had received a second notice of non-compliance due to its failure to time file its 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, Arrow’s stock price fell $0.53, or 2.7%, to close at $19.06 per share on May 15, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Arrow maintained defective disclosure controls and procedures and internal controls over financial reporting; (2) the foregoing 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) accordingly, Arrow was at an increased risk of being delisted from the NASDAQ; (4) following the disclosure of deficiencies in the Company’s disclosure controls and procedures and internal controls over financial reporting, Arrow downplayed the severity of these issues and the associated risks; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Arrow securities during the Class Period, you may move the Court no later than August 22, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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