NEWTOWN, Pa., July 11, 2023 (GLOBE NEWSWIRE) — The law firm of Edelson Lechtzin Llp is investigating securities fraud claims on behalf of purchasers of Arrow Financial Corporation (“Arrow” or the “Company”) AROW common stock between March 12, 2022, and May 12, 2023 (the “Class Period”).

Investors who purchased Arrow common stock may move the Court to appoint them as lead plaintiff, no later than August 22, 2023. Current holders of Arrow stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.

Background on Arrow Financial Corporation

Arrow is a multi-bank holding company headquartered in Glens Falls, New York. The company offers a range of financial services across New York through its subsidiaries, including online and mobile banking, wealth management, and deposit accounts, as well as mortgage, consumer, and commercial loans.

The Securities Fraud Claims

The complaint alleges, that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects, and/or failed to disclose that: (i) Arrow maintained defective internal controls over financial reporting; (ii) 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 NASDAQ; (iii) accordingly, Arrow was at an increased risk of being delisted from the NASDAQ. After the disclosure of deficiencies in the Company’s internal controls over financial reporting, Arrow downplayed the severity of these issues and the associated risks, and, as a result, the Company’s public statements were materially false and misleading at all relevant times.

Arrow announced on March 16, 2023, that it would not be able to submit its annual report on Form 10-K to the SEC on time for the quarter and year…