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Align Technology authorizes $50M stock buyback

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April 29, 2008

SANTA CLARA, Calif.—Dental products company Align Technology Inc. said Tuesday its board of directors authorized a stock buyback program of up to $50 million, effective immediately.

The company said the program will allow it to offset any dilution from its employee equity plans.

Align Technology said that as of April 25, it had about 69.6 million shares outstanding.

Shares jumped $1.46, or 14.2 percent, to $11.78 in after-hours trading. During regular trading, shares fell 8 cents to close at $10.32.

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