NEW YORK, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Astra Space Inc. f/k/a/ Holicity Inc. (“Astra” or the “Company”) (NASDAQ: ASTR). A complaint has been filed on behalf of investors who purchased the publicly traded securities of Astra between February 2, 2021 through December 29, 2021.
On February 2, 2021, the start of the Class Period, a press release was published announcing that Astra, a rocket building company, would go public in a merger with Holicity, a special purpose acquisition company (SPAC). An investor presentation published at the same time as the press release stated that the new company would be able to launch its small rockets (500kg or less payload) "anywhere in the world in 24 hours" and gave a forecast for 300 launches per year by 2025.
On July 1, 2021, following the completion of the merger, Astra began trading on the Nasdaq under the symbol “ASTR”.
On December 29, 2021, Kerrisdale Capital published a report entitled "Astra Space, Inc (ASTR): Headed for Dis-Astra" (the Kerrisdale Report"), which alleged myriad issues with Astra. The Kerrisdale Report stated, among other things, that "[m]anagement habitually describes Astra as having the flexibility to launch from 'anywhere in the world,' which is simply not true" reasoning that "[in] the US, Astra 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." The Kerrisdale Report also stated that Astra's "main competitors will soon be launching larger 1,000kg+ payload rockets while Astra has yet to overcome developmental hurdles necessary to successfully launch even a single satellite into any of the emerging broadband mega-constellations."
Following this news, Astra's share price fell $1.10 per share, more than 14%, to close at $6.61 per share on December 29, 2021.
If you are a member of the proposed Class, you may move the court no later than April 11, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
