We are 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, you may contact us to discuss your options at no charge by completing and submitting the form below.
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.