The legal action, filed in the U.S. District Court for the Southern District of California, targets CEO Roger Wells, CFO Todd Booth, and Board Chairman Brian Raduenz. Plaintiffs claim these executives signed IPO documents containing material misstatements regarding the durability of a lock-up agreement that was intended to prevent the company’s controlling stockholder from offloading Class A shares before October 13, 2026.

The fallout from the disclosure was immediate. AEVEX stock plummeted 16% on June 2, 2026, followed by another 7% drop on June 5, wiping out approximately $900 million in market capitalization. The lawsuit asserts that the defendants, through their roles as control persons, were aware of the secret waiver plan while publicly maintaining that the lock-up restrictions remained binding.

Investors interested in serving as lead plaintiff must file their motions by October 20, 2026. Legal representatives for the class note that eligibility for recovery extends to all investors who purchased during the class period, regardless of whether they still hold the shares. The case is being handled on a contingency basis, meaning there is no upfront cost for shareholders seeking to participate in the litigation.