A class action lawsuit has been filed against a laser communication company, Mynaric AG, for allegedly misleading investors with inaccurate financial projections. On October 30, plaintiff Alex Torstorff filed a complaint against Mynaric AG and its executives, Mustafa Veziroglu and Stefan Berndt-von Bulow.
The lawsuit alleges that between June 20 and October 7, Mynaric made false statements about its financial health and prospects. The complaint claims the company overstated revenue forecasts and downplayed production issues with its CONDOR Mk3 product line. It is alleged that Mynaric did not disclose problems like lower-than-expected production yields and component shortages, which impacted revenue growth. According to the plaintiff's attorneys, these omissions inflated the market price for Mynaric's securities.
On August 20, Mynaric revised its fiscal year guidance downward due to production delays, leading to a nearly 56% drop in the price of its American Depository Shares (ADS). Around the same time, CFO Stefan Berndt-von Bulow left the company, followed shortly by CEO Mustafa Veziroglu, who departed under a mutual agreement with the supervisory board.
On October 8, Mynaric reported receiving a deficiency letter from Nasdaq for non-compliance with market value listing requirements, causing another drop in ADS prices by over 4%. The complaint claims these actions violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.
The plaintiff is represented by attorneys Jeremy A. Lieberman from Pomerantz LLP and Peretz Bronstein from Bronstein Gewirtz & Grossman LLC. The case was filed in the United States District Court for the Eastern District of New York under Case No. 1:24-cv-07602.