Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Astra Space, Inc. (f/k/a Holicity, Inc.) (ASTR)

2/11, 12:00 AM (Source: GlobeNewswire)

NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Astra Space, Inc. (f/k/a Holicity, Inc.) (“Astra Space” or the “Company”) (NASDAQ: ASTR) in the United States District Court for the Southern District of New York on behalf of investors who purchased Astra Space’s common stock between February 2, 2021 and December 29, 2021, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) the Company cannot launch “anywhere”; (2) the Company significantly overstated its addressable market; (3) the Company overstated the effectiveness of its designs and reliability; (4) the Company 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Astra Space should contact the Firm prior to the April 11, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.


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