Shareholder rights law firm Robbins LLP is investigating Astra Space, Inc. (NASDAQ: ASTR) f/k/a Holicity Inc. (NASDAQ: HOL) and its officers and directors to determine if they breached their fiduciary duties and violated securities laws in connection with its ability to successfully launch. Astra Space purportedly operates as an operational space launch company.
If you would like more information about our investigation of Astra Space, Inc.'s misconduct, click here.
What is this Case About: According to a class action complaint filed against Astra Space, on June 30, 2021, Astra Space and Holicity Inc., a special purpose acquisition company, merged. During the class period, defendants touted the Company's ability to launch "anywhere in the world in 24 hours" and overstated the effectiveness and reliability of its designs, among other things.
On December 29, 2021, researcher Kerrisdale Capital released a report entitled "Astra Space, Inc. (ASTR): Headed for Dis-Astra," which alleged myriad issues with the Company. The report explained that Astra cannot launch from "anywhere in the world." In the U.S., for example, Astra can only launch from a FAA-licensed commercial spaceport approved for vertical launch. Further, the report indicated that Astra's forecast of 300 launches per year is highly speculative for many reasons, not the least of which is lack of market demand. The report noted that Astra has had only one successful orbital test flight and examined Astra's design failures. On this news, shares of Astra stock fell $1.10 per share, or approximately 14%, to close at $6.61 per share on December 29, 2021.
Next Steps: If you acquired shares of Astra Space, Inc. (ASTR) between February 2, 2021 and December 29, 2021, you have legal options. Contact us for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Astra Space, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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