LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Mynaric AG (“Mynaric” or the “Company”) (NASDAQ: MYNA) securities between June 20, 2024 and October 7, 2024, inclusive (the “Class Period”). Mynaric investors have until December 30, 2024 to file a lead plaintiff motion.
If you suffered a loss on your Mynaric investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Mynaric-AG/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On August 20, 2024, Mynaric disclosed that it “now expect[ed] 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.” The Company also disclosed that it “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.” Additionally, the Company also disclosed the voluntary departure of its Chief Financial Officer “for personal reasons.”
On this news, Mynaric’s stock price fell $2.32, or 55.9%, to close at $1.83 per share on August 20, 2024, thereby injuring investors.
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] as chairman and member of the Management Board.”
On this news, Mynaric’s stock price fell $0.11, or 9.7%, to close at $1.02 per share on August 27, 2024.
Then, on October 8, 2024, Mynaric disclosed that it had received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. notifying the Company that it was “no longer in compliance with the Nasdaq continued listing criteria . . . 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 stock price fell $0.07, or 4.4%, to close at $1.53 per share on October 8, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) lower-than-expected production yields and component supplier shortages of key components were causing production delays for Mynaric’s CONDOR Mk3 product; (2) 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; (3) as a result, Mynaric was unlikely to meet its own previously issued financial guidance for FY 2024; (4) accordingly, the Company’s business and/or financial prospects were overstated; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Mynaric securities during the Class Period, you may move the Court no later than December 30, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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