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ACHR.US
id: 834, Created by Polina Foster, Scout
Archer Aviation, Inc. (ACHR) eVTOL Business Misrepresentation Case
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N.D. California
Court3:23-cv-04844
Case number- Grizzly Research accused Archer Aviation of misguiding investors about flight testing and sophistication of eVTOL aircraft;
- $ACHR fell 6.4% and lost $97M of market cap, damaging shareholders;
- Investors suspect that Archer misled them about true business situation.
On August 16, 2023, Grizzly Research released a report on Archer, alleging that Archer Aviation, Inc. (ACHR) relies on heavily edited videos of earlier flights to misrepresent the amount of flight testing and the sophistication of Archer’s eVTOL aircraft.
Finally, the Grizzly Report also alleged that Archer misled about the timelines for:
- Its lab and manufacturing facility in San Jose becoming operational;
- Securing FAA certification of its prototype aircraft.
On this news, $ACHR fell 6.46% and lost $97 million of its market capitalization, damaging shareholders.
Since its inception, Archer consistently emphasized its eVTOL aircraft design, profitable business partnerships, and progress in securing FAA certification for mass production.
- Archer stated that it “optimizes its eVTOL aircraft design for both manufacturing and certification by using advancements in key enabling technologies” and “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 claimed 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.”
Taking all representations into account, investors have reasons to suspect Archer of misleading about the amount of flight testing, the sophistication of Archer’s eVTOL aircraft and profitability of its business partnerships.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
16 August 2023
Filing date
21 September 2023
Lead Plaintiff Deadline
20 November 2023