Securities Lawsuit Against Archer Is Dismissed

Rhea-AI Summary

Archer Aviation announces voluntary dismissal of federal securities lawsuit

Positive

• Plaintiff voluntarily dismisses federal securities lawsuit against Archer Aviation

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• None.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical takeoff and landing aircraft, announced today that the plaintiff in the federal securities lawsuit filed against Archer on September 21, 2023 (Cenderelli v. Archer Aviation, Inc.) has chosen to voluntarily dismiss the case. The plaintiff’s dismissal comes shortly after Archer filed its motion to dismiss the case on October 13, 2023.

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.”

About Archer

Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer's team is based in Santa Clara, CA.

To learn more, visit www.archer.com.

Archer Forward Looking Statements

This press release contains forward looking statements. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including the possibility that unnamed class members could assert the same or similar claims in a new complaint. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, available at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on assumptions that Archer believes to be reasonable as of the date of this press release. Archer undertakes no obligation to update these statements as a result of new information or future events.

Source: Archer
Text: ArcherIR

View source version on businesswire.com: https://www.businesswire.com/news/home/20231024276196/en/

Archer Media Contacts

The Brand Amp - Archer@TheBrandAmp.com

Source: Archer Aviation

FAQ

What is the news about?

The news is about Archer Aviation announcing the voluntary dismissal of a federal securities lawsuit filed against them.

Who filed the lawsuit against Archer Aviation?

The plaintiff, Cenderelli, filed the federal securities lawsuit against Archer Aviation.

When was the lawsuit filed and dismissed?

The lawsuit was filed on September 21, 2023, and dismissed shortly after Archer filed its motion to dismiss on October 13, 2023.

What did Archer's Chief Legal Officer say about the dismissal?

Archer's Chief Legal Officer, Andy Missan, stated that they are pleased with the plaintiff's decision to dismiss the case and that Archer remains focused on delivering on its mission and creating value for shareholders.