Published: August 21, 2026
Overview
Investors who purchased Arrow Financial Corporation stock during a specific period may be eligible for compensation through a proposed class action settlement. The case centers on allegations that Arrow Financial Corporation made materially false or misleading statements regarding its internal financial controls and disclosure procedures between August 6, 2022 and May 12, 2023. According to the lawsuit, Arrow Financial Corporation allegedly failed to disclose that the company maintained defective disclosure controls and internal controls over financial reporting. Plaintiffs contended that these control deficiencies increased the risk that Arrow could not file its periodic financial reports with the Securities and Exchange Commission as required by NASDAQ listing standards, thereby exposing the company to potential delisting.
The complaint further alleged that after these control weaknesses became public, Arrow downplayed the severity of the issues and associated risks. As a result of these alleged misstatements, the company’s stock price was artificially inflated and subsequently declined when the truth emerged. The defendants—Arrow Financial Corporation and individual defendants Thomas J. Campanella and others—have denied all allegations of wrongdoing and maintain that their conduct was proper and compliant with applicable law.
The settlement, reached on April 22, 2024, provides $850,000 for the benefit of the class. Class members who purchased Arrow Financial Corporation securities during the period from August 6, 2022 through May 12, 2023 are eligible to participate. Affected investors may submit a claim to receive a portion of the settlement fund, opt out of the settlement if they prefer to pursue their own legal action, or object to the settlement terms. Those who take no action will remain part of the settlement class and be bound by its terms.
Important Documents
- Stipulation Of Settlement And Exhibits Arrow Financial
- Final Notice And Claim Form Arrow V.2
- 2 13 25 Arrow Financial Decision And Order Approving Settlement
- 2 13 25 Arrow Financial Judgment
- 8 26 24 Arrow Financial Order Granting Preliminary Approval
Official Settlement Website
For full details or to file a claim, visit:
https://www.strategicclaims.net/case/arrow/