PR Newswire
NEW YORK, Oct. 19, 2023
If you purchased or acquired securities in AeroVironment stock or options between June 29, 2021 and December 7, 2021and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/AVAV.
There is no cost or obligation to you.
NEW YORK, Oct. 19, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against AeroVironment, Inc. ("AeroVironment" or the "Company") (NASDAQ: AVAV) and reminds investors of the October 30, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The AeroVironment class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that defendants created the false impression that they possessed reliable information pertaining to AeroVironment's projected growth and record backlog and also minimized any risk from COVID-19, specifically explaining that AeroVironment was monitoring supply chain issues and affirmed their backlog would provide a basis for strong growth. As a result, the AeroVironment class action lawsuit alleges that AeroVironment misled investors by providing the public with materially flawed revenue guidance for fiscal year 2022.
The AeroVironment class action lawsuit further alleges that on December 7, 2021, AeroVironment announced second quarter 2022 financial results and reduced full year guidance for fiscal year 2022. Specifically, the AeroVironment class action lawsuit alleges that AeroVironment blamed the reduction in guidance on "[t]he negative impact from supply chain delays, extended procurement cycles due to the global COVID-19 pandemic, slower decision making in Washington tied to Continuing Resolution related budget uncertainties and staffing shortages." The AeroVironment class action lawsuit alleges that on this news, the price of AeroVironment stock fell more than 27%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding AeroVironment's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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SOURCE Faruqi & Faruqi, LLP
