Firefly Aerospace Faces Securities Class Action Over IPO Disclosures

Overview

• The case, Diamond v. Firefly Aerospace Inc., No. 25-cv-01812, was filed in the U.S. District Court for the Western District of Texas alleging violations of the 1933 and 1934 securities laws.
• Plaintiffs claim Firefly overstated demand and growth for its Spacecraft Solutions unit and overstated the operational readiness and commercial viability of its Alpha rocket program.
• The putative class covers purchases from August 7 through September 29, 2025, including shares sold in the August 7 IPO of about 19.3 million shares at $45 each.
• The complaint links a drop of more than 15% after the September 22 earnings report (a $80.3 million Q2 loss on $15.55 million in revenue) and a roughly 20% decline after the September 29 disclosure of an Alpha Flight 7 first-stage loss.
• Multiple plaintiff firms are recruiting investors and highlight January 12, 2026 as the deadline to move for lead-plaintiff status, and the allegations remain unproven.