Virgin Galactic and Virgin Orbit Face Challenges Written 9 November 2022
A crowd gathers outside Spaceport America for a 2011 dedication ceremony as Virgin Galactic's WhiteKnightTwo sits on the tarmac. | Associated Press–©
SPACE reports, “Shareholders in Virgin Galactic launched a class action lawsuit with numerous allegations about the space tourism company, which grounded its VSS Unity SpaceShipTwo vehicle and its carrier plane, VMS Eve, for maintenance and upgrade work after a high-profile flight in July 2021 starring Branson himself. The two vehicles are likely to start flying again in early 2023, company officials said recently.” US District Judge Allyne Ross ruled that shareholders could attempt to prove fraud in overpaying for Virgin Galactic’s shares, but the class action’s other claims were dismissed. Virgin Orbit’s regulatory approval is still pending for a Cornwall-based launch originally planned for November. “On Monday, Virgin Orbit lowered its 2022 launch forecast to three excursions (down from a previously estimated range of four to six launches). Its cash on hand has fallen to just $71.2 million, and more than a third of the money remaining ($25 million) came from a Friday (Nov. 4) investment by major shareholder Virgin Group, which is the portfolio of Branson’s businesses.”
Full Story (SPACE)