Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Aterian To Contact Him Directly To Discuss Their Options
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Aterian, Inc. (“Aterian” or the “Company”) (NASDAQ: ATER) and reminds investors of the July 12, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Aterian stock or options between December 1, 2020 and May 3, 2021 and would like to discuss your legal rights, Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company’s organic growth is plummeting; (2) the Company’s recent, self-lauded acquisitions were overpayments for flawed assets from questionable sources; (3) Aterian’s purported artificial intelligence software is a flawed product that lacks customer interest; (4) Aterian uses rebate programs and paid or artificial reviews to pump up their product offerings; (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 4, 2021, Culper Research published a scathing report entitled: “Aterian (ATER): Bought from Felons & Fraudsters, Sold to You.” In this report, Culper wrote that: “the Company has ties to convicted criminals and is promoting what we believe is an over-hyped ‘AI’ narrative and a string of garbage acquisitions to mask the failure of its already ill-conceived core business.”
Culper continued that: “Aterian has been largely unsuccessful in convincing other Amazon sellers to pay for its ‘AIMEE’ AI platform, and at least 5 former employees and a former customer have expressed doubts regarding AIMEE’s legitimacy."
Culper further wrote: “[w]e believe that there are serious problems with Aterian’s claims to maintain strong organic growth and to drive M&A synergies: to us, neither of these appears to be the case. . . . In our view, this suggests not only that Aterian is unable to growth EBITDA at acquired businesses, but that its core business is also failing to produce.”
On this news, the price of Aterian stock fell from its May 3, 2021 close of $20.66 to a May 5, 2021 close of $15.72 per share, a two-day drop of $4.94 per share or approximately 24%.
Aterian, Inc. (ATER)
* The submission of this form does not create an attorney-client relationship.
Filed on 05/26/2021
Ticker NASDAQ: ATER
Lead Plaintiff Deadline 07/12/2021
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
Robert W. Killorin firstname.lastname@example.org Phone (404) 847-0617 Fax (404) 506-9534
James M. Wilson, Jr. email@example.com Phone (212) 983-9330 Fax (212) 983-9331