Investors who bought AST SpaceMobile (ASTS) securities between March 4, 2025 and July 15, 2026 may be covered by a proposed class action alleging AST SpaceMobile played down how much new debt and share dilution its plans required and overstated its edge over SpaceX’s Starlink. No class has been certified and there is nothing to file yet.
Allegations Only · No Settlement Yet
This article describes a class action complaint. The statements below are unproven allegations. AST SpaceMobile, Inc. has not been found liable, there is no certified class, and nothing to claim at this time. This page is informational. It is not legal advice.
What the AST SpaceMobile Lawsuit Is About
A shareholder filed a proposed securities class action against AST SpaceMobile, Inc. on September 14, 2026, along with its chairman and chief executive, Abel Avellan, and its chief financial officer, Andrew M. Johnson. The case, Hunter v. AST SpaceMobile, Inc., No. 7:26-cv-00378, is pending in the U.S. District Court for the Western District of Texas.AST is building the BlueBird satellite network meant to give ordinary smartphones cellular broadband from space. The complaint alleges that between March 4, 2025 and July 15, 2026 the company and the two executives misled investors about how much money the plan would need, how sound its finances were, and how well it would hold up against SpaceX’s Starlink, violating Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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What Investors Say Was Left Out
The complaint argues the competitive picture changed in September 2025, when EchoStar agreed to sell spectrum licenses to SpaceX and to let its Boost Mobile customers use Starlink’s direct-to-cell service. It says AST kept describing itself as being in a class of its own afterward and kept telling investors its cash was enough to reach its goals.According to the complaint, AST failed to disclose that its growing capital needs were likely to mean more debt and more frequent, larger share dilution than it had signaled, that it overstated its liquidity and competitive position, and that it was seeing slow user adoption in the United States and Japan.
The Stock Drops in the Complaint
The complaint ties five declines in AST’s Class A shares to news it says revealed parts of the problem:- September 9, 2025: down 9.47% to $36.91 after UBS downgraded the stock, citing competition from the EchoStar deal
- October 22, 2025: down 9.24% to $71.35 after AST priced $1.0 billion of convertible notes
- January 7, 2026: down 12.06% to $85.73 after Scotiabank downgraded the stock, citing Starlink competition and slow user adoption
- February 12, 2026: down 15.17% to $82.22 after another $1.0 billion convertible note offering
- July 16, 2026: down 17.04% to $55.01 after a third $1.0 billion convertible note offering, the end of the class period
The complaint asks the court to certify the class and award damages, interest, costs and attorneys’ fees, and it demands a jury trial. Pomerantz LLP attorneys have entered the case for the plaintiff.
The Lead Plaintiff Deadline
Under the Private Securities Litigation Reform Act, plaintiffs’ law firms published notices of the case, which give November 13, 2026 as the deadline for investors to ask the court to appoint them lead plaintiff. That date comes from the notices, about 60 days after the case was filed, not from a court order. After that, the court picks a lead plaintiff and lead counsel, and the lawyers usually file an amended complaint. AST has not been found to have done anything wrong, and there is no settlement or claim form.Questions
Who is covered by the AST SpaceMobile securities class action?
The complaint proposes a class of people and entities, other than the defendants, who bought or otherwise acquired AST SpaceMobile securities between March 4, 2025 and July 15, 2026. A court has not certified the class.
What is the AST SpaceMobile lead plaintiff deadline?
Notices published by plaintiffs’ law firms give November 13, 2026 as the deadline for investors to ask the court to appoint them lead plaintiff under the Private Securities Litigation Reform Act. It is not a claim deadline. Members of a proposed securities class generally remain in the class whether or not they seek to lead it.
Is there an AST SpaceMobile settlement?
No. The case is at the complaint stage. There is no settlement, no fund and no claim form, and AST SpaceMobile has not been found liable.
What stock drops does the AST SpaceMobile lawsuit cite?
The complaint points to five declines in AST’s Class A shares: 9.47% on September 9, 2025, 9.24% on October 22, 2025, 12.06% on January 7, 2026, 15.17% on February 12, 2026 and 17.04% on July 16, 2026, each following an analyst downgrade or a convertible note offering.
Sources
- Hunter v. AST SpaceMobile, Inc., No. 7:26-cv-00378 — docket, U.S. District Court for the Western District of Texas (CourtListener)
- Class Action Complaint, filed September 14, 2026 (CourtListener)
- Kessler Topaz Meltzer & Check, LLP investor notice stating the November 13, 2026 lead plaintiff deadline (published October 18, 2026)
