Mynaric AG(US:MYNA) GlobeNewswire News Roomยท2024-12-02 19:27Core 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 [2][3]. Group 1: Allegations and Impact - The complaint alleges that Mynaric failed to disclose production delays caused by lower-than-expected production yields and component supplier shortages, which negatively impacted revenue growth and led to an operating loss [2]. - Mynaric revised its FY 2024 revenue guidance from a range of EUR 50.0 million to EUR 70.0 million down to EUR 16.0 million to EUR 24.0 million, and its operating loss guidance from EUR 40.0 million to EUR 30.0 million up to EUR 55.0 million to EUR 50.0 million [3]. - Following the announcement of these issues, Mynaric's American Depository Share price fell by $2.32, or 55.9%, closing at $1.83 on August 20, 2024 [4]. Group 2: Legal Proceedings - Shareholders who wish to serve as lead plaintiffs in the class action must submit their applications by December 30, 2024 [5]. - Participation in the class action is not required to be eligible for recovery, allowing shareholders to remain absent class members if they choose [5]. Group 3: Company Background - Mynaric AG specializes in developing and manufacturing laser communication products for aerospace-based communication networks, targeting both government and commercial markets [1].