Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
ACHR.US
id: 834

Archer Aviation, Inc. (ACHR) eVTOL Business Misrepresentation Case

N.D. California
Court
3:23-cv-04844
Case number
17 Sept 2021
Class period Start
15 Aug 2023
Class period End
20 Nov 2023
Lead Plaintiff motion deadline
  • 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.
Case Status
Lead Plaintiff Appointed
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
Collecting participants…

Archer Aviation Inc

Archer Aviation Inc., an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was fo...

    Ticker
    ACHR.US
    ISIN
    US03945R1023
    CIK
    1172230
    Sector
    Industrials
    Industry
    Aerospace & Defense
    Country
    USA
    Address
    190 West Tasman Drive, San Jose, CA, United States, 95134