AST SpaceMobile, Inc. NASDAQ: ASTS

A securities fraud class action lawsuit has been filed against AST SpaceMobile, Inc. (“AST” or the “Company”) (NASDAQ: ASTS) on behalf of shareholders who purchased or otherwise acquired the Company’s Class A common stock between March 4, 2025 and July 15, 2026, inclusive (the “Class Period”). AST is developing a satellite-based cellular broadband network designed to connect directly to standard, unmodified mobile phones.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that AST’s capital and liquidity position was less sufficient than represented, and that the Company was likely to raise additional capital through debt and share dilution sooner, and on a larger scale, than it had signaled; that the durability of AST’s competitive position in the satellite direct-to-cell market — including following EchoStar’s agreement to sell spectrum to SpaceX — was overstated; and that user adoption of AST’s service in the United States and Japan was slower than represented. As a result, defendants’ positive statements about the Company’s business, operations, and prospects allegedly lacked a reasonable basis.

The alleged truth emerged gradually through a series of analyst downgrades and capital raises across the Class Period. On September 8, 2025, UBS downgraded the stock, and shares fell 9.47% to close at $36.91 the next trading day. On January 6, 2026, Scotiabank lowered its rating to a sell, citing competition from Starlink, slow adoption, and satellite launch delays, and shares fell 12.06% to close at $85.73 on January 7, 2026. AST also priced convertible-note offerings in October 2025 and February 2026 that were followed by further stock declines. Most recently, on July 15, 2026, AST announced the pricing of $1.0 billion in 1.625% convertible senior notes due 2034. On this news, AST’s Class A stock fell $11.30 per share, or 17.04%, to close at $55.01 on July 16, 2026.