Thieler Law Corp advises investors with losses exceeding $100,000 of the July 12, 2021 lead plaintiff deadline in a class action lawsuit filed against Aterian, Inc. (NASDAQ: ATER) (Aterian, Inc. or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased Aterian, Inc. (NASDAQ: ATER) securities between December 1, 2020 through May 3, 2021, have until July 12, 2021 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Aterian, Inc. securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

Aterian purports to be a “technology-enabled consumer products platform that builds, acquires and partners with e-commerce brands. The Company’s proprietary software and highly agile supply chain helps creating for a growing base of data empowered e-commerce customers. Aterian predominantly operates through online retail channels such as Amazon and Walmart, Inc.” Through April 29, 2021, the Company was known as Mohawk Group Holdings, Inc., and its shares traded on the NASDAQ stock exchange under the ticker symbol “MWK.” Effective April 30, 2021, the Company changed its name to Aterian, and its shares began trading under the ticker symbol “ATER” on the NASDAQ stock exchange. The Company is headquartered in New York, New York.

On December 1, 2020, the Company announced that it had acquired the assets of “leading e-commerce business brands Mueller, Pursteam, Pohl and Schmitt, and Spiralizer” from 9830 Macarthur LLC, ZN Direct LLC, and Reliance Equities Group, LLC. On this news, shares jumped from their December 1, 2020 close of $6.89 per share to a December 2, 2020 close of $8.12, representing a one-day surge of nearly 18%. Shares continued to soar, closing at $17.21 per share on December 31, 2020, and eventually approaching nearly $49.00 per share in mid-February 2021.

On May 4, 2021, analyst Culper Research published a scathing report entitled: “Aterian (ATER): Bought from Felons & Fraudsters, Sold to You. In this report, Culper wrote that “the Company has ties to convicted criminals and is promoting what we believe is an overhyped ‘AI’ narrative and a string of garbage acquisitions to mask the failure of its already ill-conceived core business.” Culper continued that “Aterian has been largely unsuccessful in convincing other Amazon sellers to pay for its ‘AIMEE’ AI platform, and at least 5 former employees and a former customer have expressed doubts regarding AIMEE’s legitimacy. We think that Aterian’s underlying business has failed, forcing the Company to obscure its poor performance with a series of questionable acquisitions.” Culper further wrote: “[w]e believe that there are serious problems with Aterian’s claims to maintain strong organic growth and to drive M&A synergies: to us, neither of these appears to be the case. . . . In our view, this suggests not only that Aterian is unable to growth EBITDA at acquired businesses, but that its core business is also failing to produce.”

On this news, the price of Aterian stock fell from its May 3, 2021 close of $20.66 to a May 5, 2021 close of $15.72 per share, a two-day drop of $3.04 per share or approximately 24%.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Aterian’s organic growth is plummeting; (2) Aterian’s recent, self-lauded acquisitions were overpayments for flawed assets from questionable sources; (3) Aterian’s purported artificial intelligence software is a flawed product that lacks customer interest; (4) Aterian uses rebate programs and paid or artificial reviews to pump up their product offerings; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.

If you were negatively impacted by your investment in Aterian, Inc. (NASDAQ: ATER) securities between December 1, 2020 through May 3, 2021and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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