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Oct 20, 2026
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According to the filed complaint, defendants made false statements and/or concealed that: the statements conveyed a commitment to follow a 180-day “lock-up” and therefore prevent Madison from selling its class A common stock or converting or exchanging its class B or LLC units into class A common stock for public sale until at least October 13, 2026, while simultaneously concealing a pre-arranged plan between Madison and the underwriter defendants to prematurely abrogate that commitment and allow for an SPO shortly after the IPO. Through that SPO, Madison would earn over $200 million and the underwriter defendants would share in a further $8-plus million in fees.
In order to be eligible to join the AVEX class action lawsuit, you must have incurred a loss on shares of AEVEX Corp. purchased during the class period listed above.
If you suffered a loss in AEVEX Corp. during the relevant time frame, you have until October 20, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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Key Facts About AEVEX Corp. (NYSE: AVEX) ● The Allegation: The complaint alleges AEVEX Corp. told IPO investors that Madison Dearborn Partners, LLC was subject to a 180-day lock-up, while allegedly concealing a pre-arranged plan to waive that restriction and permit Madison to monetize AEVEX holdings through a secondary public offering shortly after the IPO. ● The Stock Drop: AVEX fell approximately 16% on June 2, 2026 after AEVEX filed a June 1, 2026 registration statement announcing an SPO that would sell eight million more Class A shares; AVEX fell a further 7% on June 5, 2026 after the final SPO prospectus disclosed that at least two underwriter representatives had agreed to waive Madison's lock-up restrictions. ● Class Period & Defendants: The class period runs from April 17, 2026 through June 4, 2026, inclusive. Defendants are AEVEX Corp., Roger Wells (Chief Executive Officer since October 2025), Todd Booth (Chief Financial Officer since September 2025), Brian Raduenz (Board Chairman since October 2025 and Chief Executive Officer from 2017 through October 2025), Madison Dearborn Partners, LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc., and Jefferies LLC. ● Lead Plaintiff Deadline: October 20, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.
IntroductionA securities class action lawsuit has been filed against AEVEX Corp. (NYSE: AVEX) in the Southern District of California. The case covers investors who bought AEVEX Class A common stock from April 17, 2026 through June 4, 2026. The lawsuit also includes a sub-class tied to AEVEX's April 17, 2026 IPO. The complaint alleges the IPO documents misled investors about Madison Dearborn Partners' 180-day lock-up. After AEVEX announced a secondary public offering, AVEX shares fell sharply over two trading days. The complaint says investors were harmed when the alleged lock-up plan became public. Company ProfileAt the time of its IPO, AEVEX Corp. was a military technology contractor headquartered in Solana Beach, California. The company designs and manufactures unmanned aerial and surface vehicles and provides AI-enabled intelligence, surveillance, and reconnaissance services. Class PeriodApril 17, 2026 – June 4, 2026 Investors who purchased or otherwise acquired AEVEX Corp. Class A common stock during the class period, or pursuant or traceable to the Offering Documents issued in connection with AEVEX’s April 17, 2026 IPO and were damaged thereby, may be eligible to seek recovery under the federal securities laws. AllegationsThe complaint challenges AEVEX's April 2026 IPO Offering Documents and related public disclosures. The complaint alleges that the company, its senior executives, controlling private equity owner Madison Dearborn Partners, LLC, and the IPO underwriters made materially false and misleading statements about Madison's ability to sell or monetize its AEVEX holdings after the IPO. According to the complaint, the IPO Offering Documents stated that AEVEX, its officers and directors, and stockholders owning substantially all of the Class A common stock had agreed not to sell or dispose of Class A shares, or securities convertible into or exchangeable for Class A shares, during a 180-day lock-up period. The documents also stated that any two of the three underwriter representatives could release all or part of the securities subject to the lock-up. The lawsuit further alleges that the IPO Offering Documents described a Registration Rights Agreement that would allow Madison to require AEVEX to register Class A common stock only after the IPO and the expiration of any related lock-up period. The complaint claims those statements conveyed that Madison could not sell Class A shares, or exchange Class B shares and LLC Units into Class A shares for public sale, until at least October 13, 2026. The hidden truth, according to the complaint, was that Madison, AEVEX, and the underwriter defendants allegedly had a pre-arranged plan to waive the 180-day lock-up soon after the IPO and conduct a secondary public offering. Through that SPO, the complaint alleges, Madison received $207.9 million in net proceeds while AEVEX received nothing, and Goldman Sachs & Co. LLC, BofA Securities, Inc., and Jefferies LLC shared more than $8 million in additional fees. The Truth EmergesAfter the market closed on June 1, 2026, AEVEX filed a registration statement on Form S-1 announcing its intention to sell eight million more shares of Class A common stock through a secondary public offering. The complaint alleges this filing began to reveal that the 180-day lock-up could be waived far earlier than investors had been led to expect. The final SPO prospectus, filed June 5, 2026 and dated June 3, 2026, disclosed that at least two of the underwriter representatives had agreed to waive the lock-up restrictions and allow the sale of Madison's AEVEX holdings. According to the complaint, the SPO consisted of 2,273,843 shares sold from Madison's Class A holdings and 5,726,157 newly issued Class A shares whose proceeds were used to purchase Madison's Class B common stock and LLC Units. The complaint alleges the disclosures contradicted the IPO Offering Documents because they showed that the lock-up could be waived just weeks after the IPO and that Madison could monetize a large portion of its holdings before the stated 180-day period expired. The complaint states that the SPO's entire $207.9 million in net proceeds went to Madison, while the underwriter defendants received more than $8 million in fees. Market ReactionThe complaint alleges that the market reacted swiftly and negatively to the disclosures. On June 2, 2026, after AEVEX's June 1 registration statement, AVEX fell approximately 16% against the prior day's closing price, wiping out more than $700 million in market capitalization. After AEVEX filed the final SPO prospectus before the market opened on June 5, 2026, AVEX fell a further 7% that day, erasing about $200 million more in market capitalization. The complaint does not provide per-share dollar declines, closing prices, or the IPO offering price. Next Steps● Lead Plaintiff Deadline: October 20, 2026 ● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions. ● Defendants may file a motion to dismiss. ● If the case proceeds, the Court may later consider class certification. Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes. |
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The AEVEX Corp. shareholder lawsuit alleges that AEVEX and other defendants misled investors about Madison Dearborn Partners' 180-day IPO lock-up. According to the complaint, the IPO Offering Documents suggested Madison could not sell or monetize its AEVEX holdings until after the lock-up expired, except through limited exceptions. The complaint alleges defendants had already planned to waive the lock-up and conduct a secondary public offering shortly after the IPO, allowing Madison to receive $207.9 million in net proceeds.
The complaint defines the class as all persons and entities, other than defendants, who purchased or otherwise acquired AEVEX publicly traded Class A common stock between April 17, 2026 and June 4, 2026, inclusive. It also defines a sub-class for investors who purchased or acquired AEVEX Class A common stock pursuant or traceable to the IPO Offering Documents issued in connection with the April 17, 2026 IPO and were damaged thereby.
According to the complaint, the IPO Offering Documents stated that Madison and other stockholders owning substantially all of AEVEX's Class A common stock were subject to a 180-day lock-up. The documents said they could not directly or indirectly sell or dispose of Class A shares, or securities convertible into Class A shares, during that period without consent. The complaint alleges the documents also linked Madison's registration rights to the expiration of any related lock-up period.
The complaint alleges defendants failed to disclose a pre-arranged plan between Madison, AEVEX, and the underwriter defendants to waive the 180-day lock-up and carry out a secondary public offering shortly after the IPO. The complaint claims this plan allowed Madison to monetize AEVEX holdings well before October 13, 2026. The lawsuit alleges that this omission made the IPO lock-up disclosures materially false and misleading.
According to the complaint, AEVEX announced after the market closed on June 1, 2026 that it intended to sell eight million more Class A shares through an SPO. The final prospectus filed June 5, 2026 disclosed that at least two underwriter representatives had agreed to waive Madison's lock-up restrictions. The complaint alleges the SPO generated $207.9 million in net proceeds for Madison, while AEVEX received zero proceeds and the underwriters received more than $8 million in additional fees.
The complaint alleges that AVEX stock fell approximately 16% on June 2, 2026 after the June 1 registration statement announced the SPO. The complaint alleges that decline erased more than $700 million in market capitalization. After the final SPO prospectus was filed before the market opened on June 5, 2026, AVEX fell a further 7%, erasing about $200 million more in market capitalization.
The defendants are AEVEX Corp., Roger Wells, Todd Booth, Brian Raduenz, Madison Dearborn Partners, LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc., and Jefferies LLC. The complaint identifies Wells as AEVEX's Chief Executive Officer since October 2025, Booth as Chief Financial Officer since September 2025, and Raduenz as Board Chairman since October 2025 and Chief Executive Officer from 2017 through October 2025. Goldman, BofA, and Jefferies are alleged to have served as lead underwriters.
The complaint asserts claims under Sections 11, 12, and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Securities Act claims relate to alleged misstatements and omissions in the IPO Offering Documents. The Exchange Act claims relate to alleged materially false and misleading statements and omissions during the April 17, 2026 to June 4, 2026 class period
The AVEX lawsuit alleges AEVEX misled IPO investors about a 180-day lock-up on Madison Dearborn Partners' shares. The complaint also claims the defendants had a pre-arranged plan to waive the lock-up and conduct a secondary public offering shortly after the IPO.
The class period runs from April 17, 2026 through June 4, 2026, inclusive. The complaint also defines a sub-class for investors who purchased or acquired AEVEX Class A common stock pursuant or traceable to the IPO Offering Documents and were damaged thereby.
According to the complaint, AVEX fell approximately 16% on June 2, 2026 after AEVEX announced the SPO. It fell a further 7% on June 5, 2026 after the final prospectus disclosed that the lock-up restrictions had been waived.
The complaint alleges Madison Dearborn Partners received all $207.9 million in net proceeds from the SPO. The complaint states AEVEX received no proceeds, while the underwriter defendants shared more than $8 million in additional fees.
The lead plaintiff deadline is October 20, 2026. Investors do not need to seek lead plaintiff status to remain potential class members.
Deadline
Oct 20, 2026