MONSEY, N.Y., Aug. 17, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether Archer Aviation, Inc. (NYSE: ACHR) (“Archer”) has violated federal securities laws based on allegations in a report published yesterday by Grizzly Research (“Grizzly”) that Archer has been misrepresenting certain aspects of its business operations.
If you suffered losses as a result of yesterday’s drop in Archer’s stock price, and have questions about your legal rights, please contact us at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/archer-aviation/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
Archer is an urban air mobility company that designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers.
On August 16, 2023, Grizzly published a report alleging that Archer has been misrepresenting certain aspects of its business operations. Among other things, the Grizzly report alleges that Archer has been “recycling heavily edited videos of their earlier test flights to portray longer flight performance, more frequent testing, and a generally more advanced product than reality.” The Grizzly report also alleges that Archer has misrepresented the timeline to (i) begin operating its lab and manufacturing facility in San Jose, California, and (ii) secure FAA certification of its prototype aircraft.
After publication of the Grizzly report, Archer’s stock price fell 6.46% in trading on August 16, 2023, to close at $5.94 per share.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
