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Richard Branson faces lawsuit over misleading Virgin Galactic investors
Friday, 08 Nov, 2022
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A US district judge ruled billionaire Richard Branson must face a lawsuit filed by Virgin Galactic shareholders.
The suit alleges he misled investors by withholding information concerning issues with the Virgin Galactic spaceship program.
Branson also sold stock at inflated prices, the class action claims.
The shareholders can sue for about $300 million of stock which was sold just after a test flight
The share price has declined about 90% since then.
Branson oversold the ‘great progress’ when in fact the test flight of the Unity spacecraft had major issues, the suit says.
Virgin Galactic went public in 2019 via a SPAC merger.
The lawsuit was filed in the US district court, eastern district of New York.
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