Case brought against Archer voluntarily dismissed
Archer says a plaintiff in a federal securities case filed against the firm has voluntarily dismissed the action.
Reacting to the dismissal, Andy Missan, Archer’s chief legal officer said: “We are very pleased that the plaintiff has decided to dismiss the case. Archer continues to remain focused on delivering on its mission and creating value for shareholders.”
Revolution.Aero had reported in late September that investors in Archer had filed a lawsuit (Cenderelli v. Archer Aviation) claiming that the eVTOL developer had made “materially false and/or misleading statements” about its progress towards commercial entry.
The securities class action seeks to recover losses on behalf of Archer investors. It was filed on September 21st, 2023 and alleged Archer “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 FAA the necessary regulatory certification for the mass production of aircraft for commercial use,” the Shareholders Foundation reported.
The voluntary dismissal was announced yesterday and comes shortly after Archer filed its motion to dismiss the case on October 13, 2023.