LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming October 30, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired AeroVironment, Inc. (“AeroVironment” or the “Company”) (NASDAQ: AVAV) securities between June 29, 2021 and December 7, 2021, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased or otherwise acquired AeroVironment securities during the Class Period, you may move the Court no later than October 30, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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