Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Astra Space, Inc. f/k/a Holicity Inc. (ASTR) Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Astra Space, Inc. f/k/a Holicity Inc. (“Astra” or the “Company”) (NASDAQ: ASTR) securities between February 2, 2021 and December 19, 2021, inclusive (the “Class Period”). Astra investors have until April 11, 2022 to file a lead plaintiff motion.

If you suffered a loss on your Astra investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/astra-space-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On December 29, 2021, Kerrisdale Capital published a report stating that Astra’s claim of being able to launch its rockets “anywhere in the world” was “simply not true.” The report alleged that in the US, Astra could only launch from an FAA-licensed commercial spaceport approved for vertical launch, and that only five such sites exist in the country. Furthermore, the report pointed out that Astra had managed just a single successful orbital test flight, despite the Company’s forecast calling for 165 launches by 2024 and 300 launches by 2025.

On this news, Astra’s stock fell $1.10, or 14%, to close at $6.61 per share on December 29, 2021, thereby injuring investors.

The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (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 of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Astra securities during the Class Period, you may move the Court no later than April 11, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215005432/en/