INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of SpaceMobile

Newsfile 2-Jun-2024 8:17 AM

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In SpaceMobile To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $75,000 investing in SpaceMobile stock or options between November 14, 2023 and April 1, 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). You may also click here for additional information: www.faruqilaw.com/ASTS.

New York, New York--(Newsfile Corp. - June 2, 2024) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against AST SpaceMobile, Inc. ("SpaceMobile" or the "Company") (NASDAQ:ASTS) and reminds investors of the June 17, 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: (1) that production of the Company's five Block 1 BlueBird satellites had been negatively impacted by two suppliers of key subsystems; (2) that a result, the Company had not substantially completed the production of the Block 1 BlueBird satellites; (3) that, as a result, the Company's five Block 1 BlueBird satellites were not on track to launch in the first quarter of 2024; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On April 1, 2024, after the market closed, SpaceMobile issued a press release disclosing that production of five Block 1 BlueBird satellites had been "impacted by two suppliers, leading to delays in integration and testing." As a result, these five satellites were expected to be transported to the launch site between July and August 2024, later than the previously expected launch in the first quarter of 2024.

On this news, SpaceMobile's stock price fell $0.62, or 23.6%, to close at $2.01 per share on April 2, 2024, on unusually heavy trading volume.

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 SpaceMobile's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the SpaceMobile class action, go to www.faruqilaw.com/ASTS or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211295