If you purchased or acquired securities in Archer stock or options between September 17, 2021 and August 15, 2023and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ACHR.
There is no cost or obligation to you.
NEW YORK, Oct. 29, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Archer Aviation Inc. ("Archer" or the "Company") (NYSE: ACHR) and reminds investors of the November 20, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) the Company had misrepresented the nature and profitability of its business partnerships, (iii) 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; (iv) accordingly, the Company had overstated its financial position and/or prospects; (v) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times.
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 (i) its lab and manufacturing facility in San Jose, California, becoming operational, and (ii) 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Archer's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE Faruqi & Faruqi, LLP
