Mynaric AG (NASDAQ: MYNA)

This lawsuit is for anyone who acquired securities in Mynaric AG (NASDAQ: MYNA) from June 20, 2024 through October 7, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely disclose that lower-than-expected production yields and component supplier shortages of key components were causing production delays for Mynaric’s CONDOR Mk3 product.

On August 20, 2024, Mynaric disclosed that it “now expect[ed] full-year 2024 IFRS-15 revenue to range between EUR 16.0 million to EUR 24.0 million compared to previous guidance of a range between EUR 50.0 million to EUR 70.0 million”, citing “production delays of CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components.” The Company also disclosed that it “now expects full-year 2024 operating loss to range between a loss of EUR 55.0 million to EUR 50.0 million compared to previous guidance of a range between a loss of EUR 40.0 million to EUR 30.0 million,” citing “the lower than expected revenue and higher than expected production costs due to lower yields.” Additionally, the Company also disclosed the voluntary departure of its Chief Financial Officer “for personal reasons.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on August 26, 2024, Mynaric announced that its Supervisory Board “agreed to terminate in mutual consent the appointment of [the Company’s Chief Executive Officer] as chairman and member of the Management Board.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on October 8, 2024, Mynaric disclosed that it had received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. notifying the Company that it was “no longer in compliance with the Nasdaq continued listing criteria . . . due to its failure to maintain a minimum of $50 million in market value of listed securities,” and that “Mynaric does not meet the alternatives of total assets and total revenue for continued listing.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Mynaric AG (NASDAQ: MYNA) from June 20, 2024 through October 7, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.