Virgin Galactic Holdings Inc. (NASDAQ: SPCE) stock gained by 38.87% at last close while the SPCE stock price surged by 5.06% in the after-hours session. Virgin Galactic Holdings is a vertically integrated aerospace and space Transportation Corporation that pioneered human spaceflight for private people and researchers while also manufacturing sophisticated air and space vehicles.
A lawsuit has been filed on the behalf of investors who bought the SPCE shares on Oct 26. 2019 to April 30, 2021. However, the end date of lead Plaintiff if July 27, 2021.
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According to the lawsuit, Virgin Galactic Holdings, Inc. made false statements and omitted to disclose the following during the class period:
- The warrants of Social Capital Hedosophia Holdings Corp. (“SCH”) were needed to be classified as liabilities instead of equities for accounting purposes.
- Virgin Galactic lacked adequate disclosure controls and processes, as well as internal financial reporting controls.
- As a consequence, SPCE failed to account for outstanding SCH warrants at the time of the business merger.
- As a consequence, at all relevant times, SPCE’s public statements were materially false and misleading.
SPCE’s current commercial space transportation operator license has been upgraded by the Federal Aviation Administration, allowing Virgin Galactic Holdings to carry clients to space. SPCE also stated that it has conducted a comprehensive assessment of data collected during its May 22 test flight and has determined that the mission met all of its goals. The FAA has approved a spaceline to carry clients for the first time, adjusting Virgin Galactic’s operator’s license, which they have had since 2016. It’s another proof that SPCE’s systematic testing program is up to the task of meeting the FAA’s verification and validation requirements.
SPCE’s third crewed spaceflight and the very first spaceflight from Spaceport America, New Mexico, took place on May 22. The mission entered space at a speed of Mach 3 and an altitude of 55.5 miles. Ectives of these experiments in research.