Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Archer Aviation, Inc. (ACHR) Investors
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired 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.
If you suffered a loss on your Archer investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Archer-Aviation-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
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 or otherwise acquired Archer securities during the Class Period, you may move the Court no later than November 20, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.