{"id":55957,"date":"2022-02-11T23:21:34","date_gmt":"2022-02-11T15:21:34","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/astra-calls-class-action-lawsuit-without-merit-after-launch-failure\/"},"modified":"2022-02-11T23:21:34","modified_gmt":"2022-02-11T15:21:34","slug":"astra-calls-class-action-lawsuit-without-merit-after-launch-failure","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/astra-calls-class-action-lawsuit-without-merit-after-launch-failure\/","title":{"rendered":"Astra Calls Class Action Lawsuit \u2018Without Merit\u2019 After Launch Failure"},"content":{"rendered":"<\/p>\n<p>A number of law firms have filed or announced intent to file shareholder class action lawsuits against <b>Astra Space<\/b>, after a critical analyst report and the company\u2019s launch failure on Thursday. Astra called the claims \u201cwithout merit\u201d in filings to the <strong>Securities and Exchange Commission<\/strong> (SEC).&nbsp;<\/p>\n<p>Astra\u2019s mission for NASA on Feb. 10 failed after the rocket experienced after stage separation. The company said it will provide more information after a data review, and as of press time on Friday had not given any additional information.&nbsp;<\/p>\n<p>The launch failure occurred on Feb. 10 after Astra scrubbed a launch attempt on Feb. 8.&nbsp;<\/p>\n<p>On Feb. 9, before the launch failure, Rosen Law Firm filed a shareholder class action lawsuit in the United States District Court for the Eastern District of New York. The lawsuit alleges that Astra CEO Chris Kemp, CFO Kelyn Brannon, and former CFO Steven Ednie made false and misleading statements to investors.&nbsp;<\/p>\n<p>\u201cDefendants made false and\/or misleading statements and\/or failed to disclose that: Astra cannot launch \u201canywhere\u201d; Astra significantly overstated its addressable market; Astra overstated the effectiveness of its designs and reliability; Astra significantly overstated its plans for diversification and its broadband constellation plan; and as a result, defendants\u2019 public statements were materially false and\/or misleading at all relevant times,\u201d according to the lawsuit, obtained by <i>Via Satellite<\/i> through the PACER database.&nbsp;<\/p>\n<p>Astra has been publicly traded since July 2021, when it went public after a special purpose acquisition company (SPAC) merger.&nbsp;<\/p>\n<p>Rosen Law Firm cited a research report from Kerrisdale Capital \u201cAstra Space, Inc (ASTR): Headed for Dis-Astra,\u201d published in December 2021, with concerns about Astra\u2019s claims that the company can launch from anywhere, reliability and quality, and plans for diversification and a broadband constellation.&nbsp;<\/p>\n<p>Astra confirmed the lawsuit in a filing to the SEC on Thursday, and issued a response: \u201cAstra believes the claims are without merit and Astra, Mr. Kemp and Ms. Brannon will vigorously defend against these claims.\u201d&nbsp;<\/p>\n<p>A number of other corporate litigation firms have also announced that they have filed or plan to file a class action suit including: Kaskela Law LLC; Gainey McKenna &amp; Egleston; The Law Offices of Frank R. Cruz; Robbins Geller Rudman &amp; Dowd LLP; Bronstein, Gewirtz &amp; Grossman; and The Schall Law Firm.&nbsp;<\/p>\n<p>These firms are seeking investors to participate in the suits and it is unclear if all have lead plaintiffs. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A number of law firms have filed or announced intent to file shareholder class action lawsuits against Astra Space, after a critical analyst report and the company\u2019s launch failure on Thursday. Astra called the claims \u201cwithout merit\u201d in filings to the Securities and Exchange Commission (SEC).&nbsp; Astra\u2019s mission for NASA on Feb. 10 failed after [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55958,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-55957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/55957"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=55957"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/55957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/55958"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=55957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=55957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=55957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}