Mynaric AG (NASDAQ: MYNA) Securities Fraud Class Action

LEAD PLAINTIFF DEADLINE IS DECEMBER 30, 2024.

If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at [email protected].

Case Background:
On August 20, 2024, Mynaric disclosed that it “now expect[ed] full-year 2024 IFRS-15 revenue to range between EUR 16.0 million to EUR 24.0 million compared to previous guidance of a range between EUR 50.0 million to EUR 70.0 million”, citing “production delays of CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components.” Mynaric also disclosed that it “now expects full-year 2024 operating loss to range between a loss of EUR 55.0 million to EUR 50.0 million compared to previous guidance of a range between a loss of EUR 40.0 million to EUR 30.0 million,” citing “the lower than expected revenue and higher than expected production costs due to lower yields.” Additionally, Mynaric disclosed the voluntary departure of its Chief Financial Officer “for personal reasons.” On this news, Mynaric’s stock price fell $2.32, or 55.9%, to close at $1.83 per share on August 20, 2024. 

Then, on August 26, 2024, Mynaric announced that its Supervisory Board “agreed to terminate in mutual consent the appointment of [the Company’s Chief Executive Officer] as chairman and member of the Management Board.” On this news, Mynaric’s stock price fell $0.11, or 9.7%, to close at $1.02 per share on August 27, 2024.

Then, on October 8, 2024, Mynaric disclosed that it had received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. notifying the company that it was “no longer in compliance with the Nasdaq continued listing criteria . . . due to its failure to maintain a minimum of $50 million in market value of listed securities,” and that “Mynaric does not meet the alternatives of total assets and total revenue for continued listing.” On this news, Mynaric’s stock price fell $0.07, or 4.4%, to close at $1.53 per share on October 8, 2024. 

The complaint alleges that, during the Class Period, Defendants made materially false and misleading statements regarding the company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) lower-than-expected production yields and component supplier shortages of key components were causing production delays for Mynaric's CONDOR Mk3 product; (2) the foregoing issues were likely to have a material negative impact on the company's revenue growth and cause the company to incur an operating loss; (3) as a result, Mynaric was unlikely to meet its own previously issued financial guidance for FY 2024; (4) accordingly, the company's business and/or financial prospects were overstated; and (5) as a result, the company's public statements were materially false and misleading at all relevant times.
 

What is a Lead Plaintiff?

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.