The complaint alleges AST SpaceMobile failed to disclose information regarding delays to the launch of its five first generation of commercial satellites, Block 1 BlueBird.
SpaceX were initially lined up to launch the satellites in 2023, but this was pushed back to Q1 2024.
AST SpaceMobile have now pushed this back even further, revealing in its latest earnings report on April 1st 2024 that the satellites wouldn’t arrive at the launch site until July or August of 2024.
Its shares fell 23.4% following the release of its results…AST SpaceMobile did not respond to a request for comment at time of publication.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. AST Spacemobile’s production of satellites was negatively impacted by delays related to suppliers of critical subsystems.
The Company failed to substantially complete the production of its five satellites and were not on track for a first quarter 2024 launch.
Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about AST Spacemobile, investors suffered damages.
It's the first time NASA has publicly opposed such a project.
Levi & Korsinsky notifies investors that it has commenced an investigation of AST SpaceMobile, Inc. ("AST SpaceMobile") (NASDAQ:ASTS) concerning possible violations of federal securities laws.
The considerable risk for AST is that the FCC – in effect – throws AST out of its current V-band processing round. It could be years before the FCC finds new frequencies within the V-band and offers them up for licensing.
The firm’s investigation seeks to determine whether AST SpaceMobile and/or the company’s representatives violated the securities laws or breached their fiduciary duties to stockholders in connection with the business combination, thereby causing investor losses.