The complaint alleges that Aevex Corp. and its underwriters misled shareholders by concealing a pre-arranged plan to bypass the standard 180-day lock-up period. This strategy reportedly facilitated a secondary public offering (SPO) shortly after the company's initial public offering. According to the filing, the proceeds from this SPO went entirely to the firm Madison, leaving Aevex with no capital from the transaction while executives continued to issue positive public statements regarding the company’s operational health.

Legal representatives are currently inviting affected shareholders to review their rights before the court-imposed deadline. Investors who purchased AVEX stock during the period of April 14, 2026, through June 4, 2026, may contact Howard G. Smith’s office to discuss potential participation. Those who choose not to act remain members of the class by default, though they retain the option to secure independent counsel.