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MYNA.US
id: 1377

Mynaric AG (MYNA) Production Delays Case

E.D. New York
Court
1:24-cv-07602
Case number
06/20/2024
Class period Start
10/07/2024
Class period End
12/29/2024
Lead Plaintiff motion deadline
  • $MYNA stockholders filed a claim against Mynaric AG for concealing production delays and misleading revenue projections tied to its CONDOR Mk3 product.
  • Following an update on August 20, 2024, $MYNA dropped by over 55%.
  • Mynaric investors can join this case to be notified about potential recovery.
Case Details

Throughout 2024, Mynaric AG assured investors that it would meet revenue projections and production targets for the CONDOR Mk3 laser communication terminals.

On June 20, 2024, the company forecasted revenue of €50-€70 million and an operating loss of €30-€40 million for the full year.

However, on August 20, 2024, Mynaric reduced its revenue forecast to €16-€24 million and increased its anticipated loss to €50-€55 million citing production delays and shortages of key components.

Additionally, within a week of the announcement, Mynaric’s Chief Financial Officer and Chief Executive Officer both departed the company, further undermining investor confidence.

Following these events, $MYNA fell by 55.9% on August 20.

Later, on October 8, 2024, Mynaric received a warning letter from Nasdaq due to non-compliance with listing requirements, causing the stock to fall again.

Based on these events, $MYNA investors filed a claim against Mynaric AG, accusing the company of the following:
  • The company failed to disclose production delays and component shortages impacting the CONDOR Mk3.
  • It misled investors about the likelihood of meeting its 2024 financial guidance and overstated the company’s financial and operational stability.
Based on these events, Mynaric shareholders filed a claim against the company, accusing it of failing to disclose production delays and component shortages impacting the CONDOR Mk3.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements, 
Financial Misrepresentation, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/20/2024
Filing date
10/30/2024
Lead Plaintiff Deadline
12/29/2024
Judge
Kiyo A. Matsumoto
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