| COMPANY |
AST SpaceMobile, Inc. |
| COURT |
United States District Court of the Western District of Texas |
| CASE NUMBER |
24-cv-02281 |
| JUDGE |
The Hon. David Counts |
| CLASS PERIOD |
November 14, 2023 through April 1, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JUNE 17, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired AST SpaceMobile, Inc. (“SpaceMobile”) (NASDAQ: ASTS) securities between November 14, 2023 and April 1, 2024, both dates inclusive (the “Class Period”).
On April 1, 2024, after the market closed, SpaceMobile issued a press release disclosing that production of five Block 1 BlueBird satellites had been “impacted by two suppliers, leading to delays in integration and testing.” As a result, these five satellites were expected to be transported to the launch site between July and August 2024, later than the previously expected launch in the first quarter of 2024. Following this news, SpaceMobile’s stock price fell $0.62, or 23.6%, to close at $2.01 per share on April 2, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) production of the company’s five Block 1 BlueBird satellites had been negatively impacted by two suppliers of key subsystems; (2) as a result, the company had not substantially completed the production of the Block 1 BlueBird satellites; (3) as a result, the company’s five Block 1 BlueBird satellites were not on track to launch in the first quarter of 2024; and (4) as a result of the foregoing, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.