AeroVironment Says US Army Issued Stop Work Order on $990 Million Contract; Shares Fall-February 2024-www.financetom.com

AeroVironment Says US Army Issued Stop Work Order on $990 Million Contract; Shares Fall

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AeroVironment Says US Army Issued Stop Work Order on $990 Million Contract; Shares Fall

Sep 16, 2024 12:12 PM

10:59 AM EDT, 09/16/2024 (MT Newswires) -- AeroVironment ( AVAV ) said Monday a protest has been filed with the US Government Accountability Office challenging the US Army's recent decision to award the company a contract worth up to $990 million to deliver Switchblade loitering munitions.

The Army has issued a stop work order on the contract and the underlying delivery order while the Government Accountability Office is considering the protest, according to a filing with the US Securities and Exchange Commission. AeroVironment ( AVAV ) said the order doesn't affect any of its other contracts or commitments.

The Government Accountability Office is expected to issue a decision on the protest by Dec. 16, the filing showed.

The company's shares were down 8.7% in recent trading.

Price: 175.35, Change: -16.76, Percent Change: -8.72

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