Mynaric AG(US:MYNA) Prnewswire·2024-11-21 17:25Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Mynaric AG due to significant losses suffered by investors, particularly related to misleading statements and production issues affecting the company's financial performance [2][4]. Group 1: Legal Investigation and Claims - Faruqi & Faruqi is encouraging investors who incurred losses exceeding $50,000 in Mynaric between June 20, 2024, and October 7, 2024, to discuss their legal options [1]. - The firm has set a deadline of December 30, 2024, for investors to seek the role of lead plaintiff in a federal securities class action against Mynaric [2]. Group 2: Allegations Against Mynaric - The complaint alleges that Mynaric and its executives violated federal securities laws by making false or misleading statements regarding production yields and component shortages, which led to production delays for the CONDOR Mk3 product [4]. - It is claimed that these issues would materially negatively impact the company's revenue growth and result in an operating loss, contradicting previously issued financial guidance for FY 2024 [4]. Group 3: Financial Performance and Stock Impact - On August 20, 2024, Mynaric revised its FY 2024 revenue guidance to a range of EUR 16.0 million to EUR 24.0 million, down from EUR 50.0 million to EUR 70.0 million, due to production delays [5]. - The company also projected an operating loss for FY 2024 between EUR 55.0 million to EUR 50.0 million, compared to a previous estimate of a loss between EUR 40.0 million to EUR 30.0 million [5]. - Following these announcements, Mynaric's ADS price fell by 55.9% to close at $1.83 on August 20, 2024 [5]. - Subsequent management changes and a deficiency letter from Nasdaq regarding compliance with listing criteria further impacted the stock price, which fell to $1.02 on August 27, 2024, and $1.53 on October 8, 2024 [6][8][9].