On or around 10/23/2023 (Notice of voluntarily dismissal)
Filing Date: September 21, 2023
According to the Complaint, Archer Aviation, Inc. purports to design and develop electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer began trading on the NYSE on September 17, 2021, following its business combination with the SPAC Atlas Crest.
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, the Complaint alleges 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 October 23, 2023, Plaintiff voluntarily dismissed this case.
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