Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased AeroVironment, Inc. (“AeroVironment” or the “Company”) (NASDAQ: AVAV) securities between June 29, 2021 and December 7, 2021, inclusive (the “Class Period”). AeroVironment investors have until October 30, 2023 to file a lead plaintiff motion.
Investors suffering losses on their AeroVironment investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On December 7, 2021, AeroVironment released its second quarter earnings, and disclosed that it was reducing its fiscal year 2022 revenue guidance from between $560 and $580 million down to between $440 and $460 million. AeroVironment claimed the revision was due to supply chain constraints, extended procurement cycles, and staffing shortages.
On this news, AeroVironment’s stock price fell $21.97, or 27.5%, to close at $57.98 per share on December 7, 2021, 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) AeroVironment had been experiencing a decline in sales in all of their core businesses; (2) AeroVironment’s projections were inaccurate and that Defendants lacked the necessary internal controls over financial reporting to develop accurate projections; and (3) 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.
If you purchased AeroVironment 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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