NEW YORK, April 23, 2022 /PRNewswire/ -- 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") (NASDAQ: ASTR; HOL) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 22-cv-01591, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired the 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 the federal securities laws and to pursue 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 Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Astra purportedly operates as an operational space launch company. On June 30, 2021 Astra Space Inc. and Holicity Inc., a special purpose acquisition company, merged.
The complaint alleges that, throughout the Class Period, 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 overstated its addressable market; (3) Astra overstated the effectiveness of its designs and reliability; (4) Astra significantly overstated its plans for diversification and its broadband constellation plan; and (5) as a result, 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 entitled "Astra Space, Inc (ASTR): Headed for Dis-Astra" which alleged myriad issues with the Company.
On this news, Astra's shares fell $1.10 per share, or approximately 14%, to close at $6.61 per share on December 29, 2021, on unusually heavy trading damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. 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 in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
