AST Spacemobile, Inc.

Registration Deadline:

06/17/2024

Submit Your Information

A securities class action has been filed in the USDC – W.D.TX., against AST SpaceMobile, Inc. (ASTS) (“SpaceMobile” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired SpaceMobile securities between November 14, 2023 and April 1, 2024, both dates inclusive (the “Class Period”).

SpaceMobile, together with its subsidiaries, 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 Company purports to be in the advanced stages of assembling and testing its first generation of commercial BlueBird satellites, the “Block 1 BlueBird” satellites, in advance of launching its space-based cellular broadband network. Following the planned launch and deployment of five Block 1 BlueBird satellites, the Company intends to initiate limited, noncontinuous cellular service in targeted geographical areas, including in the United States, in order to generate revenue.

 

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:

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(1) that production of the Company’s five Block 1 BlueBird satellites had been negatively impacted by two suppliers of key subsystems;

(2) that a result, the Company had not substantially completed the production of the Block 1 BlueBird satellites;

(3) that, as a result, the Company’s five Block 1 BlueBird satellites were not on track to launch in the first quarter of 2024; and

(4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis, thereby harming investors.

 

If you purchased SpaceMobile securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

 

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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors

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