AST SpaceMobile, Inc. Lawsuit: Investors in NASDAQ: ASTS should contact the Shareholders Foundation


A lawsuit was filed in the U.S. District Court for the Western District of Texas by an investor who bought shares of AST SpaceMobile, Inc. (NASDAQ: ASTS) alleging that the company violated federal securities laws in relation to some allegedly false and misleading statements made between November 14, 2023, and April 1, 2024.

You have specific options, and for some investors, there are tight deadlines, if you bought a sizable portion of AST SpaceMobile, Inc. (NASDAQ: ASTS) shares between November 14, 2023 and April 1, 2024, and/or if you bought any NASDAQ: ASTS shares before November 2023 and you still own any of those shares. Closing date: June 17, 2024. NASDAQ: Investors in ASTS should get in touch with the Shareholders Foundation by phone at +1(858) 779-1554 or via email at [email protected].

AST SpaceMobile, Inc., based in Midland, Texas, and its subsidiaries assert that they are creating and offering smartphone users in the US access to a space-based cellular broadband network that is dispersed via a constellation of Low Earth Orbit satellites. In preparation for the launch of its space-based cellular broadband network, the company claims to be well along in the assembly and testing phases of its first generation of commercial BlueBird satellites, known as the Block 1 BlueBird satellites.

In order to make money, the company plans to start offering limited, intermittent cellular service in specific regions, including the United States, after the five Block 1 BlueBird satellites are launched and deployed as planned.

In a news release dated November 14, 2023, AST SpaceMobile, Inc. gave a business update covering the third quarter of 2023 and the month of September 30, 2023.

AST SpaceMobile, Inc. filed a Form 6-K with the SEC on January 18, 2024. The form included financial disclosures about the company’s plans for additional capital actions, such as the launch of a registered offering of $100,000,000 in Class A common stock, as well as information about certain strategic investments and commercial commitments from AT&T Venture Investments, LLC, Google LLC, and Vodafone Ventures Limited.

In a news statement dated April 1, 2024, AST SpaceMobile, Inc. revealed that two suppliers had caused delays in the construction of five Block 1 BlueBird satellites, which consequently caused delays in testing and integration. Consequently, it was anticipated that these five satellites would be brought to the launch site in July or August of 2024, rather than the first quarter of 2024 as had originally been planned.

AST SpaceMobile, Inc. (NASDAQ: ASTS) saw a decrease in share price from above $7 in June 2023 to as low as $1.97 on April 02, 2024.

In the complaint, the plaintiff claims that the defendants broke federal securities laws while selling common shares of AST SpaceMobile, Inc. (NASDAQ: ASTS) to buyers between November 14, 2023 and April 1, 2024. The plaintiff specifically alleges that between November 14, 2023 and April 1, 2024, the Defendants neglected to inform investors that two suppliers of crucial subsystems had a negative impact on the production of the Company’s five Block 1 BlueBird satellites, which prevented the Company from substantially finishing the production of the satellites and prevented the Company’s five Block 1 BlueBird satellites from being on track to launch in the first quarter of 2024. Consequently, the plaintiff further claims that Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

The Shareholders Foundation should be contacted by those who bought shares of AST SpaceMobile, Inc. (NASDAQ: ASTS) as they have specific alternatives.

Get in touch with Investors Foundation, Inc.Michael Daniels: +1-(858)-779-1554; 3111 Camino Del Rio North, Suite 42392108, San Diego(858)[email protected] is the fax number.

About The Shareholders Foundation, Inc.: We are a professional portfolio monitoring and settlement claim filing service that keeps investors informed about securities class actions, settlements, judgments, and other legal news pertaining to the stock and financial markets. We also conduct research on shareholder issues. With a vast network of contacts, Shareholders Foundation, Inc. provides support, guidance, and aid to each and every shareholder. It is not a law firm, The Shareholders Foundation, Inc. The Shareholders Foundation is not involved in the filed, reached, or settled cases, investigations, or settlements mentioned. The public is offered this information as a service. It should not be relied upon and is not meant to be legal advice.

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