Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against AeroVironment, Inc. (AVAV)
NEW YORK, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia on behalf of all persons or entities who purchased or otherwise acquired AeroVironment, Inc. (“AeroVironment” or the “Company”) (NASDAQ: AVAV) securities between June 29, 2021 and December 7, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that Defendants created the false impression that they possessed reliable information pertaining to the Company’s projected growth and record backlog and also minimized any risk from COVID-19, specifically explaining that the Company was monitoring supply chain issues and affirmed their backlog would provide a basis for strong growth. As a result, the Company misled investors by providing the public with materially flawed revenue guidance for fiscal year 2022.
The Complaint also alleges that on December 7, 2021, the Company announced second quarter 2022 financial results and reduced full year guidance for fiscal year 2022 and that the Company 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.” On this news, the price of the Company stock fell more than 27%.
Investors who purchased or otherwise acquired shares of AeroVironment should contact the Firm* prior to the October 30, 2023 *lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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