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SHAREHOLDER ALERT: Officers and Directors of Astra Space Inc. (ASTR) under Investigation for Alleged False Statements in Connection with Merger
News provided bySchubert Jonckheer & Kolbe LLP
Jan 25, 2023, 9:30 AM ET
SAN FRANCISCO, Jan. 25, 2023 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Astra Space Inc. (NASDAQ: ASTR) concerning false and misleading statements about the company's commercial prospects in connection with its reverse merger.
Astra is an aerospace company that offers launch and space services and aims to develop a mass-produced system of small launch satellites. The company was created in June 2021 through a merger with Holicity Inc., a special purpose acquisition company. Holicity's investors were drawn to the company's statements touting its ability to quickly scale its launch operations to meet the demand of a sizeable market.
However, in December 2021, market researcher Kerrisdale Capital released a report alleging that Holicity and Astra may have issued several false and misleading statements concerning the company's prospects and capabilities. Specifically, the report alleged that the company made false statements about the frequency of its launch operations and the addressable market for its services. Class action securities lawsuits and a stockholder derivative lawsuit are pending in the U.S. District Court for the Eastern District of New York based on the allegations above.
The Schubert Firm is investigating potential breaches of fiduciary duty by Astra's officers and directors in connection with these allegations.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
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SOURCE Schubert Jonckheer & Kolbe LLP