INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Arrow Financial Corporation (AROW) on Behalf of Investors

Law Offices of Howard G. Smith announces an investigation on behalf of Arrow Financial Corporation (“Arrow” or the “Company”) (NASDAQ: AROW) investors concerning the Company’s possible violations of federal securities laws.

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 timely 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.

If you purchased Arrow securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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