A securities class action has been filed against AeroVironment, Inc. (AVAV) on behalf of all persons or entities who purchased or otherwise acquired securities of AeroVironment between June 29, 2021 through December 7, 2021. This case has been filed in the USDC – E.D.VA.
The complaint alleges that on December 7, 2021, AeroVironment announced second quarter results below market estimates and reduced revenue guidance for the remainder of the fiscal year from a range of $560 million to $580 million to a range of $440 million to $460 million. AeroVironment also lowered its EBITDA guidance from $105 million to $110 million to $59 million to $65 million. On this news, AeroVironment’s stock declined the following day by nearly 30% to close at $57.98/share causing significant losses to shareholders at the time.