Robbins LLP Reminds Investors with Large Losses to Seek Counsel to Move For Lead Plaintiff in the Mynaric AG Class Action

Core Viewpoint - A class action has been filed against Mynaric AG for allegedly misleading investors about its business prospects, particularly regarding production delays and financial guidance for FY 2024 [1][2]. Group 1: Allegations and Financial Impact - The complaint states that Mynaric failed to disclose production delays caused by lower-than-expected production yields and component supplier shortages, which negatively impacted revenue growth and could lead to an operating loss [2]. - Mynaric revised its FY 2024 revenue guidance down to a range of EUR 16.0 million to EUR 24.0 million from a previous range of EUR 50.0 million to EUR 70.0 million, citing production delays [3]. - The company also adjusted its operating loss expectations for FY 2024 to a range of EUR 55.0 million to EUR 50.0 million, compared to the prior guidance of a loss between EUR 40.0 million and EUR 30.0 million [3]. Group 2: Market Reaction - Following the announcement of the revised guidance, Mynaric's American Depository Share (ADS) price fell by $2.32, or 55.9%, closing at $1.83 per ADS on August 20, 2024 [4]. Group 3: Legal Proceedings - Shareholders interested in participating in the class action must submit their application to the court by December 30, 2024, to serve as lead plaintiff [5]. - Robbins LLP, the law firm handling the case, emphasizes that representation is on a contingency fee basis, meaning shareholders pay no fees or expenses [6].