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ASTS.US
id: 1187

AST SpaceMobile (ASTS) Production Delays Case

W.D. Texas
Court
7:24-cv-00102
Case number
14 Nov 2023
Class period Start
01 Apr 2024
Class period End
17 Jun 2024
Lead Plaintiff motion deadline
  • $ASTS stockholder filed a claim vs. AST SpaceMobile for overstating satellite production and hiding suppliers' issues.
  • On April 2, 2024, news about the production delay caused $ASTS to fall 23%, losing $85M+ in shareholder value.
  • Affected AST investors may join the claim to be notified about potential recovery.
On April 1, 2024, SpaceMobile announced production delays for five Block 1 BlueBird satellites due to supplier issues.

As a result, the launch of these satellites was postponed from the first quarter to July-August 2024.

After the news, $ASTS dropped 23% on April 2, 2024.

Based on these events, $ASTS stockholder filed a claim against SpaceMobile and its leaders, accusing them of misleading about the following details:
  • Two suppliers of key subsystems negatively impacted the production of the satellites. Consequently, production of the Block 1 BlueBird satellites was not substantially completed.
  • As a result, the launch of AST SpaceMobile’s five Block 1 BlueBird satellites in the first quarter of 2024 was delayed.
Considering all the representations, investors have reasons to suspect that SpaceMobile misled about its satellite production and hid the suppliers' issues.

One of ASTS's investors has already filed a claim vs. AST SpaceMobile’s W.D. Texas court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
02 April 2024
Filing date
17 April 2024
Lead Plaintiff Deadline
17 June 2024
Collecting participants…

Ast Spacemobile Inc

AST SpaceMobile, Inc., together with its subsidiaries, develops and provides access to a space-based cellular broadband network for smartphones in the United States. Its SpaceMobile service provide...

    Ticker
    ASTS.US
    ISIN
    US00217D1000
    CIK
    1780312
    Sector
    Technology
    Industry
    Communication Equipment
    Country
    USA
    Address
    Midland International Air & Space Port, Midland, TX, United States, 79706