NEW YORK, Oct. 08, 2023 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Archer Aviation, Inc. (NYSE: ACHR), and Medical Properties Trust, Inc. (NYSE: MPW). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Archer Aviation, Inc. (NYSE: ACHR)
Class Period: September 17, 2021 – August 15, 2023
Lead Plaintiff Deadline: November 20, 2023
The filed complaint alleges that defendants made false statements and/or concealed that: (i) the Company relied on heavily edited videos of earlier flights to exaggerate the amount of flight testing it had actually performed and the sophistication of its eVTOL aircraft; (ii) the Company had misrepresented the nature and profitability of its business partnerships, (iii) the Company was unlikely to secure FAA certification in the timeframe it had represented to investors, thereby delaying the start of mass production of its aircraft for commercial sales; (iv) accordingly, the Company had overstated its financial position and/or prospects; (v) all of the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Archer class action go to: https://bespc.com/cases/ACHR
Medical Properties Trust, Inc. (NYSE: MPW)
Class Period: May 23, 2023 – August 17, 2023
Lead Plaintiff Deadline: November 28, 2023
According to the complaint, on May 23, 2023, MPW issued a press release announcing that it had entered into a recapitalization transaction (the “Recap Transaction”) with Prospect Medical Holdings, Inc. (“Prospect”), a health care management services organization. Pursuant to the Recap Transaction, in relevant part, MPW would take an equity stake in Prospect’s managed care business, PHP Holdings, LLC (“PHP”), in lieu of a cash payment of outstanding loans and accrued but unpaid rent and interest owed by Prospect to MPW. The Recap Transaction was subject to regulatory approval by the Department of Managed Health Care of the Health and Human Services Agency of the State of California (“DMHC”), the regulatory body responsible for governing managed health care plans in California.
Plaintiffs allege that during the class period, defendants failed to disclose to investors that: (i) the Recap Transaction was subject to regulatory approval and had in fact been placed on hold by the DMHC; (ii) accordingly, MPW had misrepresented the regulatory process for the Recap Transaction’s approval; (iii) as a result of the foregoing, MPW overstated the approval prospects and benefits of the Recap Transaction; and (iv) as a result, the Company’s public statements regarding the Recap Transaction were materially false and misleading at all relevant times.
On this news, MPW’s stock price fell $0.57 per share, or 7.6%, to close at $6.93 per share on August 18, 2023.
For more information on the MPT class action go to: https://bespc.com/cases/MPW
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
