Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Mynaric To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 in Mynaric between June 20, 2024 and October 7, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Nov. 22, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Mynaric AG (“Mynaric” or the “Company”) (NASDAQ: MYNA) and reminds investors of the December 30, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Mynaric’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Mynaric class action, go to www.faruqilaw.com/MYNA or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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