A securities class action has been filed in the USDC — E.D.N.Y. against Mynaric AG (MYNA) (“Mynaric” or the “Company”), on behalf of all those that purchased or otherwise acquired Mynaric securities between June 20, 2024 and October 7, 2024, both dates inclusive (the “Class Period”).

Mynaric develops and manufactures laser communication products for aerospace-based communication networks for government and commercial markets in the U.S. and internationally. The Company’s line of products includes, inter alia, its CONDOR series of optical inter-satellite link flight terminals for satellite-to-satellite communications in space

The claim arises on October 8, 2024, when the Company issued a press release entitled “Mynaric Announces Receipt of Deficiency Letter from Nasdaq.”

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:

1. 1.  lower-than-expected production yields and component supplier shortages of key components were causing production delays for Mynaric’s CONDOR Mk3 product;
   2. the foregoing issues were likely to have a material negative impact on the Company’s revenue growth and cause the Company to incur an operating loss;
   3. as a result, Mynaric was unlikely to meet its own previously issued financial guidance for FY 2024;
   4. accordingly, the Company’s business and/or financial prospects were overstated; and
   5. as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
      

On this news, Mynaric’s ADS price fell $0.07 per ADS, or 4.37%, to close at $1.53 per ADS on October 8, 2024.

If you purchased Mynaric 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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