ACHR INVESTOR ALERT: Edelson Lechtzin LLP Urges Archer Aviation, Inc. (NYSE: ACHR) Shareholders to Consult Counsel About the Pending Securities Fraud Class Action
NEWTOWN, PA, September 27, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Archer Aviation, Inc. (“Archer”) (NYSE: ACHR) common stock between September 17, 2021, and August 15, 2023, inclusive (the “Class Period”).
Investors who purchased Archer Aviation, Inc. common stock may move the U.S. District Court for the Northern District of California to appoint them as lead plaintiff, no later than November 20, 2023. Current holders of Archer’s stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Archer Aviation, Inc.
Archer, headquartered in San Jose, California, specializes in the creation of electric Vertical Takeoff and Landing (“eVTOL”) aircraft designed for deployment in urban air mobility networks.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or omissions regarding Archer’s business, operations, and prospects, including that: (i) Archer 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) Archer had misrepresented the nature and profitability of its business partnerships; (iii) Archer was unlikely to secure FAA certification within the timeframe it had represented to investors, thereby delaying the start of mass production of its aircraft for commercial sales; (iv) accordingly, Archer overstated its financial position and/or prospects; and (v) the foregoing, once revealed, was likely to subject Archer to significant financial and/or reputational harm.
On August 16, 2023, Grizzly Research released a report on Archer the “Grizzly Report”) before the market opened. The report made various allegations against Archer, including that the company uses heavily edited videos of past flights to misrepresent the amount of flight testing they have done and the sophistication of their eVTOL aircraft. In addition, the Grizzly Report stated that former Archer employees and businesses near their flight-testing facilities reported that Archer conducts far fewer flights than they claimed. Finally, the Grizzly Report alleged that Archer has misrepresented the timelines for when their San Jose, California lab and manufacturing facility will become operational and when they will secure FAA certification for their 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.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected] or [email protected]
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.