PHILADELPHIA, June 10, 2024 (GLOBE NEWSWIRE) -- Nationally recognized law firm Berger Montague PC informs investors that a lawsuit was filed against AST SpaceMobile, Inc. (“AST SpaceMobile” or the “Company”) (NASDAQ: ASTS) on behalf of purchasers of AST SpaceMobile securities between November 14, 2023 and April 1, 2024, inclusive (the “Class Period”).

Investors that suffered losses from AST SpaceMobile (NASDAQ: ASTS) investments can follow the link below for more information regarding the lawsuit:

CLICK HERE to learn more about the lawsuit.

Investors who purchased or acquired AST SpaceMobile securities during the Class Period may, no later than June 17, 2024, seek to be appointed as a lead plaintiff representative of the class.

According to the complaint, throughout the Class Period, the defendants failed to disclose to investors that production of the five “Block 1 BlueBird” satellites that the Company was developing had been negatively impacted by two suppliers of key subsystems, and as a result, the satellites were not on track to launch in the first quarter of 2024.

On April 1, 2024, after the market closed, AST SpaceMobile issued a press release disclosing that production of five Block 1 BlueBird satellites had been “impacted by two suppliers, leading to delays in integration and testing.” As a result, these five satellites were expected to be transported to the launch site between July and August 2024, materially later than the previously expected launch in the first quarter of 2024.

On this news, AST SpaceMobile’s stock price fell $0.62, or 23.6%, from a closing price of $2.63 per share on April 1, 2024, to close at $2.01 per share on April 2, 2024.

For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or CLICK HERE.

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.

Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contacts:

James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net