NEW YORK, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of AeroVironment, Inc. (NASDAQ: AVAV)?
- Did you purchase your shares between June 19, 2021 and December 7, 2021, inclusive?
- Did you lose money in your investment in AeroVironment, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of AeroVironment, Inc. (“AeroVironment” or the “Company”) (NASDAQ: AVAV) between June 29, 2021 and December 7, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of Virginia and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired AeroVironment securities, and/or would like to discuss your legal rights and options please visit AeroVironment, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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.
If you purchased or acquired AeroVironment, and/or would like to discuss your legal rights and options please visit AeroVironment, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
