Archer Aviation, Inc.
|Company Name||Archer Aviation, Inc.|
|Class Period||September 17, 2021 to August 15, 2023|
|Lead Plaintiff Motion Deadline||November 20, 2023|
On August 16, 2023, before the market open, Grizzly Research published a report alleging, among other things, that Archer relies on heavily edited videos of earlier flights to misrepresent the amount of flight testing actually performed by the Company as well as the sophistication of its eVTOL aircraft. The report also claimed that Archer misrepresented the timelines for its manufacturing facility becoming operational and for securing FAA certification of its aircraft.
On this news, Archer’s stock price fell $0.41, or 6.5%, to close at $5.94 per share on August 16, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company relied on heavily edited videos of earlier flights to exaggerate the amount of flight testing it had actually performed and the sophistication of its eVTOL aircraft; (2) the Company had misrepresented the nature and profitability of its business partnerships, (3) the Company was unlikely to secure FAA certification in the timeframe it had represented to investors, thereby delaying the start of mass production of its aircraft for commercial sales; (4) accordingly, the Company had overstated its financial position and/or prospects; (5) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Submit Your Information
If you suffered a loss on your Archer Aviation, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.