AEROVIRONMENT, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired AeroVironment, Inc. (“AeroVironment” or the “Company”) (NASDAQ: AVAV) securities between June 29, 2021 and December 7, 2021, inclusive. The lawsuit seeks to recover AeroVironment shareholders’ investment losses.
If you purchased securities in AeroVironment between June 29, 2021 and December 7, 2021, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
According to the Complaint, AeroVironment designs, develops, produces, delivers, and supports a portfolio of robotic systems and related services for government agencies and businesses in the United States and internationally. The Company supplies unmanned aircraft systems, tactical missile systems, unmanned ground vehicles and related services primarily to organizations within the U.S. Department of Defense and to international allied governments.
Defendants provided investors with material information concerning AeroVironment’s expected revenue for the fiscal year 2022. Defendants’ statements included, among other things, AeroVironment’s strategic acquisitions which expanded their portfolio to include six product lines, thereby supporting Defendants’ decision to forecast revenue of $560 million to $580 million for the fiscal year 2022 and increase its earnings-per-share estimates to between $2.50 per share and $2.70 per share.
On December 7, 2021, AeroVironment issued a press release announcing its second quarter earnings. In pertinent part, Defendants announced they were reducing their guidance for fiscal 2022 from $560 and $580 million down to $440 and $460 million due allegedly to supply chain constraints due to COVID-19, extended procurement cycles, and staffing shortages.
On this news, AeroVironment’s common stock fell $21.97 per share, or approximately 27.4%, to $57.98 per share on December 7, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 30, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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