Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired AeroVironment, Inc. (“AeroVironment” or the “Company”) (NASDAQ: AVAV) securities between June 29, 2021 and December 7, 2021, inclusive (the “Class Period”). AeroVironment investors have until October 30, 2023 to file a lead plaintiff motion.
If you suffered a loss on your AeroVironment investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/AeroVironment-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On December 7, 2021, AeroVironment released its second quarter earnings, and disclosed that it was reducing its fiscal year 2022 revenue guidance from between $560 and $580 million down to between $440 and $460 million. AeroVironment claimed the revision was due to supply chain constraints, extended procurement cycles, and staffing shortages.
On this news, AeroVironment’s stock price fell $21.97, or 27.5%, to close at $57.98 per share on December 7, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) AeroVironment had been experiencing a decline in sales in all of their core businesses; (2) AeroVironment’s projections were inaccurate and that Defendants lacked the necessary internal controls over financial reporting to develop accurate projections; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired AeroVironment securities during the Class Period, you may move the Court no later than October 30, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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