NEW YORK, NY / ACCESSWIRE / September 19, 2023 / Pomerantz LLP is investigating claims on behalf of investors of AeroVironment, Inc. ("AeroVironment" or the "Company") (NASDAQ:OTLK). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether AeroVironment and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 7, 2021, AeroVironment issued a press release announcing its second quarter earnings. Among other items, the Company announced it was reducing guidance for fiscal year 2022 from $560 - 580 million to $440 - $460 million, citing supply-chain constraints due to COVID-19, extended procurement cycles tied to continuing resolution related budget uncertainties, and staffing shortages.
On this news, AeroVironment's stock price fell $21.97 per share, or 27.48%, to close at $57.98 per share on December 7, 2021.
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SOURCE: Pomerantz LLP