Mynaric AG(US:MYNA) Prnewswireยท2024-12-24 15:03Core 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]. - A federal securities class action has been filed against Mynaric, with a deadline of December 30, 2024, for investors to seek the role of lead plaintiff [2][10]. - The firm has a history of recovering hundreds of millions of dollars for investors since its establishment in 1995 [3]. 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]. - Mynaric's updated guidance for FY 2024 indicates a significant reduction in expected revenue, now projected between 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 anticipates an operating loss for FY 2024 between EUR 55.0 million to EUR 50.0 million, compared to previous guidance of a loss between EUR 40.0 million to EUR 30.0 million [5]. Group 3: Stock Price Impact - Following the announcement of production delays and revised financial guidance, Mynaric's ADS price fell by $2.32, or 55.9%, closing at $1.83 on August 20, 2024 [5]. - After the termination of the CEO, the ADS price dropped by $0.11, or 9.73%, to close at $1.02 on August 27, 2024 [6][7]. - On October 8, 2024, Mynaric received a deficiency letter from Nasdaq regarding non-compliance with listing criteria, resulting in a further decline of $0.07, or 4.37%, to close at $1.53 [8][9].