Redwire Corporation

Redwire Corporation

Ticker: RDW

Class Period Start: 08/11/2021

Class Period End: 11/14/2021

Registration Deadline: 02/15/2022

Redwire Corporation (“Redwire” or the “Company,” f/k/a Genesis Park Acquisition Corp.) is a space infrastructure company that offers a variety of components, systems and services for orbital structures.

On November 10, 2021, Redwire announced that it would postpone the release of its third quarter earnings results. The Company “was notified by an employee of potential accounting issues at a business subunit,” and the Audit Committee was investigating the allegations.

On this news, Redwire’s stock price fell $1.92, or 16%, to close at $9.99 per share on November 10, 2021, on unusually heavy trading volume.

Then, on November 15, 2021, Redwire stated that it could not timely file its quarterly report for the period ended September 30, 2021. Due to the pending investigation into the accounting issues at a business subunit, “the Company has not been able to finalize its financial statements or its assessment of the effectiveness of its disclosure controls and procedures and any impact” on the report.

On this news, Redwire’s stock price fell $0.93, or 8.3%, over two consecutive trading sessions to close at $10.32 per share on November 16, 2021, on unusually heavy trading volume.

A securities class action has been filed against Redwire on behalf of shareholders that purchased Redwire shares between August 11, 2021 and November 14, 2021. This case has been filed in the U.S. District Court for the Middle District of Florida.

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 that: (1) that there were accounting issues at one of Redwire’s subunits; (2) that, as a result, there were additional material weaknesses in Redwire’s internal control over financial reporting; and (3) 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.

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