Why Archer Aviation Stock Plummeted This Week
Shares of Archer Aviation (NYSE: ACHR) fell this week. The company's stock lost 20.7% as of 1:58 p.m. ET on Friday. The loss comes as the S 500 (SNPINDEX: ^GSPC) fell 2.1% and the Nasdaq-100 lost 2%.
Archer Aviation, which develops electric vertical takeoff and landing (eVTOL) aircraft, was the target of a damning investigative report from short-seller Culper Research.
The report, released early this week, alleges that Archer has systematically misled investors, making false statements about its aircraft's abilities and development timeline in order to meet funding milestones. The report also claims that while this is happening behind the scenes, the company is spending millions promoting itself on late-night TV and buying the rights to be the official air taxi service at the upcoming LA Olympics in 2028.
Source Fool.com
