AST SpaceMobile, Inc. Class Action Lawsuit - ASTS
Case Summary
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The AST SpaceMobile class action lawsuit seeks to represent purchasers or acquirers of AST SpaceMobile, Inc. (NASDAQ: ASTS; ASTSW) securities between November 14, 2023 and April 1, 2024, inclusive (the “Class Period”). Captioned Klarkowski v. AST SpaceMobile, Inc., No. 24-cv-00102 (W.D. Tex.), the AST SpaceMobile class action lawsuit charges AST SpaceMobile and certain of AST SpaceMobile’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the AST SpaceMobile class action lawsuit, please provide your information in the form on this page. You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the AST SpaceMobile class action lawsuit must be filed with the court no later than June 17, 2024.
CASE ALLEGATIONS: AST SpaceMobile claims to develop and provide access to a space-based cellular broadband network for smartphones in the United States distributed through a constellation of Low Earth Orbit satellites.
The AST SpaceMobile class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) production of AST SpaceMobile’s five Block 1 BlueBird satellites had been negatively impacted by two suppliers of key subsystems; (ii) as a result, AST SpaceMobile had not substantially completed the production of the Block 1 BlueBird satellites; and (iii) consequently, AST SpaceMobile’s five Block 1 BlueBird satellites were not on track to launch in the first quarter of 2024.
The AST SpaceMobile class action lawsuit further alleges that on April 1, 2024, AST SpaceMobile disclosed that production of five Block 1 BlueBird satellites had been “impacted by two suppliers, leading to delays in integration and testing” that would delay the transportation of the satellites to the launch site from the first quarter of 2024 to between July or August 2024. On this news, the price of AST Mobile stock fell nearly 24%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired AST SpaceMobile securities during the Class Period to seek appointment as lead plaintiff in the AST SpaceMobile class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the AST SpaceMobile class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the AST SpaceMobile class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the AST SpaceMobile class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.