Rocket Lab Corp. (NASDAQ:RKLB) has requested to dismiss a class action lawsuit filed by investors for alleged misrepresentations regarding the company's Neutron reusable rocket.
Misleading Shareholders
Court documents released on Monday by the California Central District Court showcase that lawyers representing the company filed a motion to dismiss the lawsuit.
The class action, filed by investors of the company, alleges that Rocket Lab assured investors of the Neutron rocket's launch timeline as well as finances tied to the launch, which had alleged discrepancies, between November last year and February this year.
Investors allege that the company overstated the Neutron rocket program launch's readiness and downplayed delays as well as contract risks.
Rocket Lab's New Launch Complex, Electron Rocket Mission
The news comes as the company announced the opening of a new launch complex at the Virginia Space Port Authority's Mid-Atlantic Regional Spaceport (MARS), which will play a key role in the development of its Neutron reusable rocket.
Rocket Lab also announced it successfully conducted the 70th Electron Mission, which saw the launch of the Electron rocket from a launch facility in New Zealand. The rocket carried 5 low Earth orbit satellites for a "confidential" commercial customer, the company said.
SpaceX Acquires Echostar Spectrums, Elon Musk Teases Starship V4
Elsewhere, SpaceX has acquired Echostar Corporation's (NASDAQ:SATS) AWS-4 and H-block spectrum licenses for approximately $17 billion, consisting of $8.5 billion in cash and the other $8.5 billion in SpaceX stock.
Meanwhile, SpaceX CEO Elon Musk has teased the Starship V4 rocket after the 10th successful launch test of the rocket that happened last month. The V4 rocket would weigh over 7500 tons and be over 150 meters (approximately 492 feet) tall and have a payload capacity of 200 tons.
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