AST SpaceMobile Leaders Misled About Satellites, Investor Says

AST SpaceMobile Inc.'s board and two executives misrepresented the production stage of the broadband company’s test satellite both before and after its merger with a blank-check company, an investor says in a suit filed Tuesday.

Before the April 2021 merger with a special purpose acquisition company, AST “was a business vulnerable to severe challenges with its production, manufacturing, and profitability,” shareholder Laurie Hanna says in a suit on behalf of the company. Indeed, its satellites “were not ready to be tested and launched,” contrary to the leadership’s representations, she says in her complaint, filed in the US District Court for ...