Oaktree, Array Technologies Board Hit With Insider Trading Suit

An Array Technologies Inc. investor filed suit in Delaware against its board and backers at Oaktree Capital Management LP, claiming they sold $2.2 billion worth of stock at prices inflated by their scheme to hide the impact of rising steel prices on the company’s bottom line.

The partly redacted lawsuit, made public Tuesday, targets Array’s founder, nine current and former members of its board and management, and seven entities associated with Oaktree, itself an affiliate of Canadian private equity giant Brookfield Asset Management Inc.

The shareholder derivative suit accuses the company’s leaders and financial backers of promoting its initial ...