Lawsuit filed for Investors in shares of Astra Space, Inc. (NASDAQ: ASTR)

An investor, who purchased shares of Astra Space, Inc. (NASDAQ: ASTR), filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Astra Space, Inc. f/k/a Holicity, Inc.

Investors who purchased shares of Astra Space, Inc. (NASDAQ: ASTR) have certain options and for certain investors are short and strict deadlines running. Deadline: April 11, 2022. NASDAQ: ASTR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Alameda, CA based Astra Space, Inc. operates as a space launch company. On December 29, 2021, market researcher Kerrisdale Capital released a report entitled, "Astra Space, Inc. (ASTR): Headed for Dis-Astra," which alleged myriad issues with Astra Space. Among other issues, the report: (1) questioned Astra Space's ability to launch from anywhere: "In the US, Astra [Space] can only launch from an FAA-licensed commercial spaceport approved for vertical launch. There are only 5 such sites (plus SpaceX's private Boca Chica spaceport) located in the U.S."; (2) questioned Astra Space's addressable market: "Astra [Space]'s forecast calls for 300 launches per year by 2025, a whopping 10x more than SpaceX achieved in 2021. Management markets this exceptionally aspirational goal (which we view as pure fantasy) in a bid to spread its expensive Bay Area manufacturing costs over enough rockets in order to turn a profit."; (3) questioned Astra Space's designs and reliability: "At the current stage of Astra [Space]'s development, our source believes the risk of failure is as high as 1 in 2 launches."; and (4) questioned Astra Space's plans for diversification and its broadband constellation plan: "While others in the industry like Rocket Lab are developing well-suited, best-in-class technology, enabling a variety of TAM-expanding missions, Astra [Space] is settling for suboptimal acquired technology with only niche applications."

Shares of Astra Space, Inc. (NASDAQ: ASTR) declined from $11.32 per share on November 30, 2021, to as low as $3.10 per share on February 14, 2022.

According to the complaint the plaintiff alleges on behalf of purchasers of Astra Space, Inc. (NASDAQ: ASTR) common shares between February 2, 2021 and December 29, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 2, 2021 and December 29, 2021, the defendants made false and/or misleading statements and/or failed to disclose: (1) Astra cannot launch "anywhere"; (2) Astra significantly overstated its addressable market; (3) Astra overstated the effectiveness of its designs and reliability; (4) Astra significantly overstated its plans for diversification and its broadband constellation plan; and (5) as a result, defendants' public statements were materially false and/or misleading at all relevant times.

Those who purchased shares of Astra Space, Inc. (NASDAQ: ASTR) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.