NEW YORK, Sept. 25, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of Archer Aviation, Inc. (NYSE: ACHR)?
- Did you purchase your shares between September 17, 2021 and August 15, 2023, inclusive?
- Did you lose money in your investment in Archer Aviation, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Archer Aviation, Inc. (“Archer” or the “Company”) (NYSE: ACHR) between September 17, 2021 and August 15, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Archer Aviation securities, and/or would like to discuss your legal rights and options please visit Archer Aviation, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
According to the Complaint, Archer purports to design and develop electric vertical takeoff and landing (“eVTOL”) aircraft for use in urban air mobility (“UAM”) networks. Since its inception, Archer has consistently touted the efficacy of its eVTOL aircraft design and flight testing procedures, the profitability of its business partnerships, and its ability to secure from the Federal Aviation Administration (“FAA”) the necessary regulatory certification for the mass production of aircraft for commercial use.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period, including failing to disclose to investors that Archer: (i) relied on heavily edited videos of earlier flights to exaggerate the amount of flight testing it had performed and the sophistication of its eVTOL aircraft; (ii) had misrepresented the nature and profitability of its business partnerships, (iii) was unlikely to secure FAA certification in the timeframe it had represented to investors.
On August 16, 2023, before the market opened, Grizzly Research released a report on Archer (the “Report”). The Report alleged, among other things, that Archer relies on heavily edited videos of earlier flights to misrepresent the amount of flight testing the Company has actually performed and the sophistication of Archer’s eVTOL aircraft. The Report also 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 Report alleged that Archer 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.
If you wish to serve as lead plaintiff, you must move the Court no later than November 20, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Archer securities, and/or would like to discuss your legal rights and options please visit Archer Aviation, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]
