NEW YORK, April 19, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Astra Space Inc. (“Astra” or the “Company”) f/k/a Holicity Inc. (“Holicity “) AST HOL))) and some of its leaders. The class action, filed in the United States District Court for the Eastern District of New York and registered as 22-cv-01591, is on behalf of a class consisting of all persons and entities other than defendants. who purchased or otherwise acquired publicly traded securities of the Company between February 2, 2021 and December 29, 2021, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of federal securities laws and to seek remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the ” Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased or otherwise acquired Astra securities during the class period, you have until April 11, 2022 to ask the court to appoint you as the lead plaintiff in the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
Astra allegedly operates as an operational space launch company. On June 30, 2021, Astra Space Inc. and Holicité Inc., a special purpose acquisition company, merged.
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Astra cannot launch “anywhere”; (2) Astra significantly overestimated its addressable market; (3) Astra overstated its design efficiency and reliability; (4) Astra significantly overstated its diversification plans and its broadband constellation plan; and (5) as a result, the defendants’ public statements were materially false and/or misleading at all relevant times.
On December 29, 2021, during market hours, market researcher Kerrisdale Capital released a report titled “Astra Space, Inc (ASTR): Headed for Dis-Astra” which alleged myriad issues with the company.
On this news, Astra shares fell $1.10 per share, or about 14%, to close at $6.61 per share on Dec. 29, 2021, on unusually heavy trades that hurt investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. To see www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980