Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Mynaric AG (“Mynaric” or the “Company”) (NASDAQ: MYNA) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Mynaric investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Mynaric-AG/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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, Mynaric’s stock price fell $2.32, or 55.9%, to close at $1.83 per share on August 20, 2024, thereby injuring investors.
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, Mynaric’s stock price fell $0.11, or 9.7%, to close at $1.02 per share on August 27, 2024.
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, Mynaric’s stock price fell $0.07, or 4.4%, to close at $1.53 per share on October 8, 2024, thereby injuring investors further.
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Whistleblower Notice: Persons with non-public information regarding Mynaric should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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