Upcoming Lead Plaintiff Deadline is November 20, 2023
NEW YORK, Oct. 3, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class lawsuit has been in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Archer Aviation, Inc. ("Archer Aviation" or the "Company") (NYSE: ACHR) securities between September 17, 2021 and August 15, 2023, both dates inclusive (the "Class Period").
All investors who purchased shares and incurred losses are advisedto contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than November 20, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- 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 electric vertical takeoff and landing ("eVTOL") aircraft;
- the Company had misrepresented the nature and profitability of its business partnerships;
- the Company was unlikely to secure Federal Aviation Administration ("FAA") certification in the time frame it had represented to investors, thereby delaying the start of mass production of its aircraft for commercial sales;
- accordingly, the Company had overstated its financial position and/or prospects; and all of the above, once revealed, was likely to subject the Company to significant financial and/or reputational harm.
On August 16, 2023, before the market opened, Grizzly Research released a report on Archer (the "Grizzly Report"). The Grizzly Report alleged, among other issues, that Archer, relies on heavily edited videos of earlier flights to misrepresent the amount of flight testing the Company has actually performed, 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. Finally, the Grizzly Report also alleged that Archer has misrepresented the timelines for:
- its lab and manufacturing facility in San Jose, California, becoming operational, and
- securing FAA certification of its prototype aircraft.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
