Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Astra Space, Inc. f/k/a Holicity Inc. (ASTR)

3/18, 4:00 PM (Source: GlobeNewswire)

LOS ANGELES, March 18, 2022 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 11, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Astra Space, Inc. f/k/a Holicity Inc. (“Astra” or the “Company”) (NASDAQ: ASTR) securities between February 2, 2021 and December 29, 2021, inclusive (the “Class Period”).

If you suffered a loss on your Astra investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/astra-space-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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 defendants throughout the Class Period made false and/or 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 of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Astra securities during the Class Period, you may move the Court no later than April 11, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com


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