Investors in a proposed securities class action against AST SpaceMobile have until Nov. 13 to seek lead-plaintiff status, while the complaint challenges the company’s financing and market disclosures.
Edward Hunter filed the case Sept. 14, 2026, in the U.S. District Court for the Western District of Texas, according to the docket listing. The listing names AST SpaceMobile, Inc., CEO Abel Avellan and Chief Financial Officer and Chief Legal Officer Andrew M. Johnson as defendants. The proposed class covers people who acquired AST securities from March 4, 2025, through July 15, 2026.
Hunter’s complaint alleges AST’s capital needs could require debt increases that are more frequent and larger, as well as share dilution, than investors had been led to expect. The suit further claims AST gave investors an overly favorable picture of its liquidity, competitive position and service adoption in the United States and Japan. The complaint’s allegations remain unproven.
In a July 15 SEC filing, AST estimated that its cash, cash equivalents and restricted cash totaled about $2.723 billion at June 30. The company described the figure as preliminary and unaudited. Also on July 15, AST announced pricing $1 billion in 1.625% convertible senior notes due 2034. It said proceeds would support growth initiatives and access to orbit, among other purposes. The release also listed potential partnerships or acquisitions, while saying AST had no agreements or understandings for those transactions at the time.
The complaint cites competition from a September 2025 spectrum agreement between EchoStar and SpaceX. EchoStar announced it had agreed to sell spectrum licenses to SpaceX for about $17 billion and said the arrangement would give Boost Mobile subscribers access to Starlink’s next-generation direct-to-cell service.
The case notice sets Nov. 13, 2026, as the deadline to seek appointment as lead plaintiff. Federal securities law gives a proposed class member 60 days after notice is published to ask the court for that role. The deadline concerns appointment; the court has not ruled on the complaint’s claims.
