Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Archer Aviation, Inc. (“Archer ” or the “Company”) (NYSE: ACHR) securities between September 17, 2021 and August 15, 2023, inclusive (the “Class Period”). Archer investors have until November 20, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Archer 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 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.
If you purchased Archer 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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