Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against AST SpaceMobile, Inc. (ASTS; ASTSW)

NEW YORK, April 19, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Western District of Texas on behalf of all persons and entities who purchased securities of AST SpaceMobile, Inc. ("AST SpaceMobile" or the "Company") ASTS ASTSW))) between November 14, 2023 and April 1, 2024, inclusive (the "Class Period").

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) production of AST SpaceMobile's five Block 1 BlueBird satellites had been negatively impacted by two suppliers of key subsystems; (2) as a result, AST SpaceMobile had not substantially completed the production of the Block 1 BlueBird satellites; and (3) consequently, AST SpaceMobile's five Block 1 BlueBird satellites were not on track to launch in the first quarter of 2024.

The Complaint further alleges that on April 1, 2024, the Company disclosed that production of five Block 1 BlueBird satellites had been "impacted by two suppliers, leading to delays in integration and testing" that would delay the transportation of the satellites to the launch site from the first quarter of 2024 to between July or August 2024. On this news, the price of the Company's stock fell nearly 24%.

Investors who purchased or otherwise acquired shares of AST SpaceMobile should contact the Firm prior to the June 17, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.