AeroVironment shares were trading around $392 in mid-January 2026. By March 11 they were at $207.73.
That slide is the backbone of a securities class action now pending against the drone and defense maker in the Eastern District of Virginia. Bleichmar Fonti & Auld LLP, the plaintiffs’ firm that announced the case on July 14, says investors have until July 27, 2026 to ask the court to be appointed lead plaintiff.
What the suit claims
The case is captioned Norrell v. AeroVironment, et al., No. 26-cv-01429. It targets the company and certain senior executives, and it alleges securities fraud over AeroVironment’s work on the U.S. Space Force’s SCAR program, where it was to supply BADGER phased array antenna systems.
The complaint quotes the company calling the contract a “tremendous growth opportunity” and saying it was “very much on track.” The suit says the reality was different: competition for SCAR was a significant risk, and AeroVironment overstated the goodwill from its BlueHalo acquisition.
The three drops
The first came on January 20, when the company said the government had issued a stop work order on the BADGER agreement. The stock fell 15.77%, or $61.97 a share.
The second was larger. After Space News reported on March 2 that the Space Force would open SCAR to other suppliers, AeroVironment dropped 17.42%, to $208.32 at the close. The firm calls it the largest alleged drop.
The third followed March 10 results showing a $179.0 million operating loss and a $151.3 million goodwill impairment in the space division. The next day the shares lost another 6.24%.
Separately, the firm says it is investigating a June 22 announcement that the company’s quarterly financial statements for the period ended January 31, 2026 needed restatement.
Whoever the court picks as lead plaintiff will steer the case for the whole class. The firm says it takes clients on a contingency basis.
