NEW ORLEANS, June 18, 2025 (GLOBE NEWSWIRE) — ClaimsFilera FREE shareholder information service, reminds investors that they have until July 22, 2025 to file lead plaintiff applications in a securities class action lawsuit against Red Cat Holdings, Inc. (NasdaqCM: RCAT), if they purchased the Company’s securities between March 18, 2022 and January 15, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
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Red Cat investors should visit us at https://claimsfiler.com/cases/nasdaq-rcat/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Red Cat and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 16, 2025, Kerrisdale Capital reported that the Company had overstated the value of its SRR Contract, which was only worth approximately $20 million to $25 million based on U.S. Army budget documents, and that the Company had been misleading investors about the production capacity of its Salt Lake City Facility for years, while also raising concerns about the timing of executive departures and insider transactions that took place shortly after Red Cat announced it had won the SRR Contract.
On this news, the price of Red Cat’s shares fell $2.35 per share, or 21.54%, over the following two trading sessions, to close at $8.56 per share on January 17, 2025.
The case is Olsen v. Red Cat Holdings, Inc., No. 25-cv-05427.
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