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Investors in Astra Space Inc. f/k/a Holicity Inc. with Substantial Losses Have Opportunity to Lead Class Action Lawsuit – ASTR; HOL

SAN DIEGO, CA (ClassActionDaily) The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Astra Space Inc. f/k/a Holicity Inc. (NASDAQ: ASTR; HOL) publicly traded securities between February 2, 2021, and December 29, 2021, both dates inclusive (the “Class Period”) have until April 11, 2022, to seek appointment as lead plaintiff in Artery v. Astra Space Inc. f/k/a Holicity Inc., No. 22-cv-00737 (E.D.N.Y.).  The Astra Space class-action lawsuit charges Astra Space and certain of its top executives with violations of the Securities Exchange Act of 1934.

CASE ALLEGATIONS: Astra Space purportedly operates as an operational space launch company.  On February 2, 2021, Astra Space announced its plan to merge with Holicity Inc., a special purpose acquisition company (“SPAC”) or blank-check company.  Astra Space’s press release announcing the merger represented that “‘[t]his transaction takes us a step closer to our mission of improving life on Earth from space by fully funding our plan to provide daily access to low Earth orbit from anywhere on the planet,’ said Chris Kemp, Founder, Chairman, and CEO of Astra.”  On June 30, 2021, Astra Space and Holicity merged.  Astra Space shares are listed on the NASDAQ under the ticker symbol ASTR.  Prior to the merger, Holicity ordinary shares traded on the NASDAQ under the ticker symbol HOL.

The Astra Space class-action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Astra Space cannot launch “anywhere”; (ii) Astra Space significantly overstated its addressable market; (iii) Astra Space overstated the effectiveness of its designs and reliability; (iv) Astra Space significantly overstated its plans for diversification and its broadband constellation plan; and (v) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

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.”  On this news, Astra Space’s share price fell approximately 14%, damaging investors.

Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance.  Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors.  The rise in blank check financing poses unique risks to investors.  Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Astra Space securities during the Class Period to seek an appointment as lead plaintiff in the Astra Space class-action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class, who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm.

If you suffered substantial losses and wish to serve as lead plaintiff of the Astra Space class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller Rudman & Dowd LLP by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Astra Space class-action lawsuit must be filed with the court no later than April 11, 2022.

Contact information:

Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
http://www.rgrdlaw.com for more information

SOURCE: Robbins Geller Rudman & Dowd via Businesswire