NEW YORK, Sept. 5, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Archer Aviation, Inc. ("Archer" or the "Company") (NYSE: ACHR). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Archer and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 15, 2023, after market hours, Grizzly Research released a report on Archer (the "Grizzly Report"). The Grizzly Report alleged, among other issues, that Archer, which makes eVTOL aircraft that are pending Federal Aviation Administration ("FAA") approval before they can go into commercial operation, relies on heavily edited videos of earlier flights to misrepresent the amount of flight testing the Company actually performs, and to misrepresent the sophistication of Archer's eVTOL aircraft. Further, the report alleged that investigators who had spoken to former Archer employees, and businesses in close proximity to its flight testing facilities who witness its flights, confirmed that Archer conducts far fewer flights than the Company has claimed.
On this news, Archer's stock price fell $0.41 per share, or 6.46%, to close at $5.94 per share on August 16, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
