AeroVironment, Inc. (NASDAQ: AVAV) announced that Stephen F. Page, a member of its Board of Directors, will retire effective at the company’s 2026 Annual Meeting of Stockholders. Page informed the Board that he will not seek re-election, concluding a 13-year tenure that coincided with the defense technology firm’s expansion from a unmanned aerial systems business into a provider of autonomous, space, cyber, and directed energy systems.

The departure marks the end of a significant chapter in AeroVironment’s corporate governance history. Page’s service spanned the company’s strategic transformation, during which he provided financial discipline and oversight essential to its growth trajectory. The retirement is part of the standard succession planning for the upcoming annual meeting.

Wahid Nawabi, AeroVironment’s chairman, president, and chief executive officer, acknowledged Page’s contributions to the company’s operational excellence. "Since Steve joined AV’s Board 13 years ago, the company has evolved from a pure-play UAS business into a cutting-edge provider of autonomous, space, cyber and directed energy systems," Nawabi said. He credited Page with providing a "steady hand" through this transformation via his financial rigor and governance oversight.

Page reflected on his time serving alongside fellow directors and management. "It has been a privilege to serve on AV’s Board and to support the company as it diversified its platform and sharpened its operational excellence," Page stated. He expressed confidence in the company’s position as a leading defense technology innovator and its ability to continue creating value for shareholders.

Key Details of Retirement

AeroVironment remains focused on delivering integrated capabilities across air, land, sea, space, and cyber domains. The company continues to deploy autonomous systems, loitering munitions, and counter-UAS technologies, underpinned by its AV_Halo™ AI-powered software suite. The Board has not yet announced a replacement nominee for Page’s seat.

Investors who purchased AeroVironment, Inc. securities between June 25, 2025, and March 10, 2026, have until July 27, 2026, to seek appointment as lead plaintiff in a class action lawsuit pending in the United States District Court for the Eastern District of Virginia. The lawsuit alleges that the company and certain executive officers violated the Securities Exchange Act of 1934 by making false and misleading statements regarding its business and financial prospects, specifically concerning the U.S. Space Force's Satellite Communication Augmentation Resource (SCAR) program. This deadline is critical for shareholders seeking to influence the litigation strategy or maximize potential recoveries from alleged misrepresentations about competition risks.

The complaints claim AeroVironment failed to disclose the risk of a multi-vendor strategy for the SCAR program and the modernization of the Satellite Control Network (SCN). Specifically, the company is accused of understating the likelihood of imminent competition for the SCAR program and overstating its financial outlook related to these contracts. Mary Clum, President of AeroVironment's Space, Cyber & Directed Energy segment, is named as a defendant for allegedly misrepresenting the program's readiness.

Timeline of Key Events

The following table outlines significant events and their market impact during the class period:

AVAV shares fell from a pre-drop price of $392.86 to $207.73 over the course of three corrective disclosures, representing a decline of approximately 47%.

Legal Options and Lead Plaintiff Process

Under the Private Securities Litigation Reform Act of 1995, any investor who purchased AeroVironment securities during the class period may seek appointment as lead plaintiff. The court generally selects the applicant with the largest financial interest in the relief sought who is otherwise typical and adequate. Investors must move the Court no later than July 27, 2026, to serve as lead plaintiff. Shareholders are not required to serve as lead plaintiff to share in any recovery.

Kaplan Fox & Kilsheimer LLP and Levi & Korsinsky, LLP are encouraging investors with significant losses to contact their respective firms. Investors may contact Pamela A. Mayer or Laurence D. King of Kaplan Fox toll-free at (646) 315-9003 or Joseph E. Levi, Esq. of Levi & Korsinsky at (212) 363-7500 or via email at jlevi@levikorsinsky.com to discuss their rights or join the case.

Additionally, The DJS Law Group has issued a reminder regarding the lawsuit, citing violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. David J. Schwartz of The DJS Law Group can be contacted at 914-206-9742 or via email at David@djslawllp.com for those wishing to participate in the action.