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 Archer Aviation, Inc. (“Archer Aviation” or “the Company”) (NASDAQ: ACHR) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Archer Aviation securities from September 17, 2021 through August 15, 2023 (the “Class Period”). Investors who acquired Archer Aviation securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is November 20, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Archer Aviation 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 ARCHER AVIATION, INC.
Archer purports to design and develop electric vertical takeoff and landing (“eVTOL”) aircraft for use in urban air mobility networks. Archer’s shares began publicly trading on the New York Stock Exchange in September 2021 when it entered into a business combination with Atlas Crest Investment Corp, a special purpose acquisition company. 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. Indeed, the Company has stated that it “optimize[s] [its] eVTOL aircraft design for both manufacturing and certification by using advancements in key enabling technologies” and has “secured and strengthened excellent relationships with global leaders and innovators, such as United Airlines, Stellantis, Reef, and the [U.S.] Air Force.” Moreover, the Company claims that “by bringing together a mix of talent with both eVTOL and traditional commercial aerospace backgrounds[,] [it is] building a team that will allow [it] to move through the design, development, and certification of [its] eVTOL aircraft with the [FAA] in an efficient manner[.]” 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 witnessed 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.
ABOUT TANDEM ARCHER AVIATION, INC.
What is Archer Aviation, Inc.?
- Archer Aviation, Inc. is an American aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft. eVTOL aircraft are designed for urban air mobility and are often referred to as “flying taxis.” Archer aims to create sustainable, electric air transportation solutions to help alleviate traffic congestion in cities and reduce carbon emissions.
Who founded Archer Aviation, Inc.?
- Archer Aviation was founded by Brett Adcock and Adam Goldstein in 2020.
JOIN THIS CASE
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 Archer Aviation 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 November 20, 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 Archer Aviation 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.