Mynaric AG(US:MYNA) GlobeNewswire News Room·2024-11-19 00:03Core Viewpoint - Mynaric AG is facing significant operational challenges leading to a substantial downward revision of its financial guidance for 2024, resulting in a class action lawsuit from investors who suffered losses during the specified period [3][6]. Financial Performance - Mynaric now expects full-year 2024 IFRS-15 revenue to be between EUR 16.0 million and EUR 24.0 million, a drastic reduction from the previous guidance of EUR 50.0 million to EUR 70.0 million [3]. - The company anticipates an operating loss for 2024 in the range of EUR 55.0 million to EUR 50.0 million, compared to earlier expectations of a loss between EUR 40.0 million and EUR 30.0 million [3]. Stock Price Impact - Following the revenue guidance cut on August 20, 2024, Mynaric's stock price plummeted by $2.32, or 55.9%, closing at $1.83 per share [3]. - After the announcement of the termination of the CEO on August 26, 2024, the stock fell by $0.11, or 9.7%, to close at $1.02 per share [4]. - On October 8, 2024, the company disclosed a deficiency letter from Nasdaq regarding non-compliance with listing criteria, leading to a further decline in stock price by $0.07, or 4.4%, to close at $1.53 per share [5]. Management Changes - Mynaric's Chief Financial Officer voluntarily departed for personal reasons, which may have contributed to investor concerns [3]. - The Supervisory Board agreed to terminate the CEO's appointment, indicating potential instability in leadership [4]. Legal Proceedings - A class action lawsuit has been filed on behalf of investors who acquired Mynaric securities between June 20, 2024, and October 7, 2024, with a deadline of December 30, 2024, to file a lead plaintiff motion [1][8]. - The complaint alleges that the company made materially false and misleading statements regarding its business operations and financial prospects, failing to disclose critical issues affecting production and revenue [6].