The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Virgin Galactic Holdings, Inc. who purchased securities between October 26, 2019 and April 30, 2021.
(i) for accounting purposes, Social Capital Hedosophia Holdings Corp.’s (“SCH”) warrants were required to be treated as liabilities rather than equities; (ii) Virgin Galactic had deficient disclosure controls and procedures and internal control over financial reporting; (iii) as a result, the Company improperly accounted for SCH warrants that were outstanding at the time of the business combination; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
“Virgin Galactic Holdings”
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 27, 2021 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
