San Diego, CA -- (SBWIRE) -- 06/23/2021 -- An investigation on behalf of investors in shares of AST SpaceMobile, Inc. (NASDAQ: ASTS) was announced over potential breaches of fiduciary duties by certain officers and directors at AST SpaceMobile, Inc.

Investors who purchased shares of AST SpaceMobile, Inc. (NASDAQ: ASTS) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain AST SpaceMobile directors breached their fiduciary duties and caused damage to the company and its shareholders.

On April 30, 2021, post-market, AST SpaceMobile, Inc. stated in a U.S. Securities and Exchange Commission ("SEC") filing that certain of its previously issued financial statements would need to be restated and should no longer be relied upon.

Specifically, AST SpaceMobile, Inc. noted that "on April 12, 2021, the Acting Chief Accountant and Acting Director of the Division of Corporation Finance of the Securities and Exchange Commission . . . released the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (the 'Staff Statement')" which "sets forth the conclusion of the SEC's Office of the Chief Accountant that certain provisions included in the warrant agreements entered into by many special purpose acquisition companies require such warrants to be accounted for as liabilities measured at fair value, rather than as equity securities, with changes in fair value during each financial reporting period reported in earnings." Accordingly, "[o]n April 29, 2021, the Audit Committee of the Board of Directors of the Company, in response to the Staff Statement, and after discussion with its independent registered public accounting firm, Marcum LLP, its valuation firm and its legal advisors, concluded that the Company's previously issued audited financial statements for the year ended December 31, 2020 and for the period from May 28, 2019 (inception) through December 31, 2019 and the Company's unaudited condensed financial statements for the period from May 28, 2019 (inception) through September 30, 2019, the three months ended September 30, 2019, the three months ended March 31, 2020 and the three months ended and year-to-date periods ended June 30, 2020 and September 30, 2020 . . . should be restated to reflect the impact of the guidance in the Staff Statement and accordingly, should no longer be relied upon."

Shares of AST SpaceMobile, Inc. (NASDAQ: ASTS) declined from $25.37 per share in February 20201 to as low as $7.05 per share on May 11, 2021

Those who purchased shares of AST SpaceMobile, Inc. (NASDAQ: ASTS) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.