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Final Deadline: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Lead Plaintiff Deadline in Securities Fraud Class Action Lawsuit Filed Against Astra Space, Inc. f/k/a Holicity Inc. (ASTR)
News provided byKessler Topaz Meltzer & Check, LLP
Apr 10, 2022, 8:05 PM ET
RADNOR, Pa., April 10, 2022 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Astra Space, Inc. ("Astra") (NASDAQ: ASTR) f/k/a Holicity Inc. ("Holicity") (NASDAQ: HOL). The action charges Astra with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Astra's materially misleading statements to the public, Astra investors have suffered significant losses.
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
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LEAD PLAINTIFF DEADLINE: APRIL 11, 2022
CLASS PERIOD: FEBRUARY 2, 2021 AND DECEMBER 29, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. at (484) 270-1453 or via email at email@example.com
ASTRA'S ALLEGED MISCONDUCT
Astra operates as an operational space launch company. On June 30, 2021, Astra and Holicity, a special purpose acquisition company, merged.
On February 2, 2021, Holicity filed a Form 8-K, which attached a press release dated February 2, 2021 entitled "Astra to become the first publicly traded space launch company on NASDAQ via merger with Holicity" which announced the merger with Astra. The February 2, 2021 8-K also attached an investor presentation which included slides touting Astra's ability to "[l]aunch anywhere in the world in 24 hours", its timeline, and its potential market.
The truth emerged on December 29, 2021, when market researcher Kerrisdale Capital released a report entitled "Astra Space, Inc (ASTR): Headed for Dis-Astra" (the Kerrisdale Report"), which alleged myriad issues with Astra. Specifically, the Kerrisdale Report stated that "[m]anagement habitually describes Astra as having the flexibility to launch from 'anywhere in the world,' which is simply not true" reasoning that "[in] the US, Astra can only launch from an FAA-licensed commercial spaceport approved for vertical launch. There are only 5 such sites (plus SpaceX's private Boca Chica spaceport) located in the U.S." The Kerrisdale Report also stated that Astra's "main competitors will soon be launching larger 1,000kg+ payload rockets while Astra has yet to overcome developmental hurdles necessary to successfully launch even a single satellite into any of the emerging broadband mega-constellations." Further, the Kerrisdale Report stated that "[c]onversations with an individual familiar with Astra's rocket design and manufacturing suggest investors may have to endure an uncomfortably high rate of failure as the company ramps to a targeted monthly launch cadence in 2022." Finally, the Kerrisdale Report stated that "[w]hile others in the industry like Rocket Lab are developing well-suited, best-in-class technology, enabling a variety of TAM-expanding missions, Astra is settling for suboptimal acquired technology with only niche applications."
Following this news, Astra's share price fell $1.10 per share, or approximately 14%, to close at $6.61 per share on December 29, 2021.
WHAT CAN I DO?
Astra investors may, no later than April 11, 2022 seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member Kessler Topaz Meltzer & Check, LLP encourages Astra investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
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SOURCE Kessler Topaz Meltzer & Check, LLP