ASTRA ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Astra Space Inc. and Encourages Investors to Contact the Firm
February 11, 2022 at 21:00 PM EST
Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Astra Space Inc. (“Astra” or the “Company”) (NASDAQ: ASTR) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired Astra securities between February 2, 2021 and December 29, 2021, both dates included, (the “Class Period”). Investors have until April 11, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On December 29, 2021, Kerrisdale Capital published a report stating that Astra’s claim of being able to launch its rockets “anywhere in the world” was “simply not true.” The report alleged that in the US, Astra could only launch from an FAA-licensed commercial spaceport approved for vertical launch, and that only five such sites exist in the country. Furthermore, the report pointed out that Astra had managed just a single successful orbital test flight, despite the Company’s forecast calling for 165 launches by 2024 and 300 launches by 2025.
On this news, Astra’s stock fell $1.10, or 14%, to close at $6.61 per share on December 29, 2021, thereby injuring investors.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Astra cannot launch “anywhere”; (2) Astra significantly overstated its addressable market; (3) Astra overstated the effectiveness of its designs and reliability; (4) Astra significantly overstated its plans for diversification and its broadband constellation plan; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
If you purchased or otherwise acquired Astra shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.