Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against AeroVironment, Inc. (“AeroVironment” or “the Company”) (NASDAQ: AVAV) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired AeroVironment securities from June 16, 2021 through December 7, 2021 (the “Class Period”). Investors who acquired AeroVironment securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is October 30, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased AeroVironment securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST AEROVIRONMENT, INC.
The complaint centers around events that unfolded on December 7, 2021, a day that would later prove pivotal for AeroVironment and its investors. On this date, AeroVironment, a company known for its innovations in unmanned aircraft systems and electric vehicle charging solutions, released its second-quarter financial results. However, the revelation contained within these results sent shockwaves through the financial markets and had profound consequences for the company and its shareholders.
AeroVironment’s announcement on that fateful day did not align with market expectations. The company reported second-quarter results that fell substantially below market estimates, serving as a harbinger of turmoil to come. Notably, their revenue guidance for the remainder of the fiscal year underwent a significant revision. Initially projected to fall within the range of $560 million to $580 million, it was abruptly downgraded to a considerably lower range of $440 million to $460 million.
In addition to the disappointing revenue guidance adjustment, AeroVironment also chose to lower its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) guidance. The previously optimistic forecast of $105 million to $110 million was drastically revised downward to a more pessimistic range of $59 million to $65 million.
The market reaction to this news was swift and severe. In the wake of AeroVironment’s troubling financial update, the company’s stock experienced a precipitous decline. Investors, blindsided by the extent of the negative news, scrambled to react. As the trading day unfolded, AeroVironment’s stock plummeted by almost 30%, ultimately closing at $57.98 per share.
This sharp decline had significant repercussions, causing substantial financial losses to shareholders who had trusted in AeroVironment’s earlier guidance and invested their hard-earned money in the company’s shares. The 30% drop in the stock price on the following day constituted a sizable and unforeseen loss for those who had placed their faith in the company’s financial prospects.
ABOUT AEROVIRONMENT, INC.
What is Aerovironment, Inc.?
- AeroVironment, Inc. is an American technology company recognized for its pioneering work in the development of unmanned aircraft systems (UAS), commonly referred to as drones, and electric vehicle (EV) charging solutions.In the realm of unmanned aircraft systems, AeroVironment has made significant contributions to both military and commercial applications. They have designed and manufactured a wide range of UAS, including hand-launched and small fixed-wing drones, as well as quadcopters, which find use in various sectors such as agriculture, surveillance, reconnaissance, and environmental monitoring. These drones have demonstrated their value in providing real-time data and enhancing operational efficiency.
- Beyond aerospace, AeroVironment has ventured into the electric vehicle charging infrastructure domain. They offer cutting-edge solutions for EV charging, aiming to accelerate the adoption of electric vehicles by providing reliable and efficient charging stations. Their contributions to sustainable transportation align with the growing global emphasis on reducing carbon emissions and transitioning to cleaner forms of mobility.
When was Aerovironment founded?
- AeroVironment, Inc. was founded in 1971 and was established by Dr. Paul B. MacCready Jr., an aeronautical engineer.
- Place of founding: Monrovia, California.
JOIN THIS CASE AGAINST
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in AeroVironment during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is October 30, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against AeroVironment are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
