San Diego, CA -- (SBWIRE) -- 10/05/2023 -- An investor, who purchased shares of Archer Aviation Inc. (NYSE: ACHR), filed a lawsuit over alleged violations of Federal Securities Laws by Archer Aviation Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Archer Aviation Inc. (NYSE: ACHR) have certain options and for certain investors are short and strict deadlines running. Deadline: November 20, 2023. NYSE: ACHR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Palo Alto, CA based Archer Aviation Inc., an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. Archer Aviation Inc. purports to design and develop electric vertical takeoff and landing ("eVTOL") aircraft for use in urban air mobility ("UAM") networks.

The plaintiff says that since its inception, Archer Aviation Inc. has consistently touted the efficacy of its eVTOL aircraft design and flight testing procedures, the profitability of its business partnerships, and its ability to secure from the Federal Aviation Administration ("FAA") the necessary regulatory certification for the mass production of aircraft for commercial use.

On September 16, 2021, Archer Aviation Inc. announced that it has closed its business combination with Atlas Crest Investment Corp. (NYSE: ACIC), a special purpose acquisition company. Upon the completion of the transaction, Atlas Crest changed its name to "Archer Aviation Inc." Archer's common stock and warrants commenced trading on the New York Stock Exchange ("NYSE") on September 17, 2021, under the ticker symbols "ACHR" and "ACHR WS", respectively.

Then on August 16, 2023, before the market opened, Grizzly Research released a report on Archer Aviation Inc. (the "Report"). The Report alleged, among other things, that Archer relies on heavily edited videos of earlier flights to misrepresent the amount of flight testing the Company has actually performed and the sophistication of Archer's eVTOL aircraft. The Report also alleged that investigators who had spoken to former Archer employees and businesses in close proximity to its flight-testing facilities who witness its flights, confirmed that Archer conducts far fewer flights than the Company has claimed. Finally, the Report alleged that Archer misrepresented the timelines for its lab and manufacturing facility in San Jose, California, becoming operational, and securing FAA certification of its prototype aircraft.

Shares of Archer Aviation Inc. (NYSE: ACHR) declined from $6.95 per share on August 11, 2023, to as low as $5.61 per share on August 17, 2023.

The plaintiff claims that between September 17, 2021 and August 15, 2023, the Defendants made materially false and misleading statements, including failing to disclose to investors that Archer Aviation Inc. relied on heavily edited videos of earlier flights to exaggerate the amount of flight testing it had performed and the sophistication of its eVTOL aircraft, that Archer Aviation Inc. had misrepresented the nature and profitability of its business partnerships, and that Archer Aviation Inc. was unlikely to secure FAA certification in the timeframe it had represented to investors

Those who purchased shares of Archer Aviation Inc. (NYSE: ACHR) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.