SAN DIEGO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Mynaric AG (NASDAQ: MYNA) securities between June 20, 2024 and October 7, 2024. Mynaric develops and manufactures laser communication products for aerospace-based communication networks for government and commercial markets in the U.S. and internationally.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Mynaric AG (MYNA) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, defendants 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; and (iv) accordingly, the Company’s business and/or financial prospects were overstated.
Plaintiff alleges that 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.” The Company also revealed the voluntary departure of its Chief Financial Officer.
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.
What Now: You may be eligible to participate in the class action against Mynaric AG. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 30, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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