The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Virgin Galactic Holdings, Inc. (NYSE: SPCE) who purchased shares between October 26, 2019 and April 30, 2021. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Virgin Galactic lawsuit alleges that (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.
Shareholders have until July 27, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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