NEW YORK, NY / ACCESSWIRE / October 31, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Mynaric AG ("Mynaric" or the "Company") (NASDAQ:MYNA) and certain officers. The class action, filed in the United States District Court for the Eastern District Of New York, and docketed under 24-cv-07602 is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Mynaric securities between June 20, 2024 and October 7, 2024, both dates inclusive (the "Class Period"), seeking to recover 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, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Mynaric securities during the Class Period, you have until December 30, 2024 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 Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (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]
Mynaric develops and manufactures laser communication products for aerospace-based communication networks for government and commercial markets in the United States 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.
In June 2024, Mynaric provided guidance for its fiscal full year ("FY") 2024 financial results, including, inter alia, revenue of between €50 to €70 million and an operating loss of between €40 to €30 million.
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: (i) lower-than-expected production yields and component supplier shortages of key components were causing production delays for Mynaric's CONDOR Mk3 product; (ii) 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; (iii) as a result, Mynaric was unlikely to meet its own previously issued financial guidance for FY 2024; (iv) accordingly, the Company's business and/or financial prospects were overstated; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
On August 20, 2024, Mynaric issued a press release providing an update to its FY 2024 guidance, advising that "the company now expects full-year 2024 IFRS-15 revenue to range between EUR 16.0 million to EUR 24.0 million compared to previous guidance of a range between EUR 50.0 million to EUR 70.0 million", citing "production delays of CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components"; and that "the company now expects full-year 2024 operating loss to range between a loss of EUR 55.0 million to EUR 50.0 million compared to previous guidance of a range between a loss of EUR 40.0 million to EUR 30.0 million", citing "the lower than expected revenue and higher than expected production costs due to lower yields."
In a separate press release issued that same day, Mynaric "announce[d] the voluntary departure of [the Company's Chief Financial Officer Defendant Stefan Berndt-von Bülow] for personal reasons, effective last week."
On this news, Mynaric's American Depository Share ("ADS") price fell $2.32 per ADS, or 55.9%, to close at $1.83 per ADS on August 20, 2024.
Then, on August 26, 2024, Mynaric announced that its "Supervisory Board . . . agreed to terminate in mutual consent the appointment of [the Company's Chief Executive Officer Defendant Mustafa Veziroglu] as chairman and member of the Management Board of Mynaric AG with immediate effect," and that "[w]ith a view to the latest changes in the Management Board," the annual general meeting of Mynaric would be postponed.
On this news, Mynaric's ADS price fell $0.11 per ADS, or $9.73%, to close at $1.02 per ADS on August 27, 2024.
Finally, on October 8, 2024, Mynaric announced that it had received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. notifying that Mynaric was "no longer in compliance with the Nasdaq continued listing criteria, including the Nasdaq Listing Rule 5450(b)(2)(A) due to its failure to maintain a minimum of $50 million in market value of listed securities[,]" and that "Mynaric does not meet the alternatives of total assets and total revenue for continued listing."
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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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