Overview

A class action lawsuit has been filed against Firefly Aerospace Inc. (“Firefly” or the “Company”) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws. The Company’s common stock trades in an efficient market on the Nasdaq Global Market (“NASDAQ”) under the ticker symbol “FLY.”

The Firefly class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired: (a) Firefly common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about August 7, 2025 (the “IPO” or “Offering”); and/or (b) Firefly securities between August 7, 2025 and September 29, 2025, both dates inclusive (the “Class Period”).

The lawsuit alleges that Firefly Aerospace, Inc., a space and defense technology company that claims to provide mission solutions for government and commercial customers, misled investors about the true condition of its launch and spacecraft businesses, particularly its Alpha rocket program. Firefly operates through two segments—Launch and Spacecraft Solutions—and has marketed itself as an industry leader capable of supporting customers anywhere, anytime in space. One of its flagship products is the Alpha rocket, which the company publicly described as flight proven and commercially available, and as the only small-launch provider capable of delivering payloads up to 1,000 kilograms into orbit.

In reality, the Alpha rocket faced persistent and severe operational failures. Of its six launch attempts, four ended in failure, including explosions and inability to reach the intended orbit. After the sixth failure in April 2025, the Federal Aviation Administration required Firefly to conduct a root-cause investigation and barred the company from conducting additional launches until its findings were submitted and approved. Despite these setbacks, Firefly continued to reassure investors about the rocket’s readiness and commercial viability while preparing for its August 2025 IPO.

The company filed offering documents in July and August 2025 that the lawsuit alleges were negligently prepared and materially misleading. According to the complaint, Firefly overstated demand and growth prospects for its Spacecraft Solutions business, overstated the operational readiness of the Alpha program, and failed to disclose information that would likely have a material negative impact once revealed. Firefly conducted its IPO on August 7, 2025, selling roughly 19.3 million shares at $45.00 per share based on these representations.

The truth began to emerge on September 22, 2025, when Firefly released its second-quarter 2025 financial results—its first report as a public company. The company posted an $80.3 million loss, significantly wider than the prior year’s loss, and reported revenue of $15.55 million, missing analyst expectations and declining 26 percent year-over-year. Its Spacecraft Solutions segment generated only $9.2 million in revenue, a 49 percent year-over-year decline. In response, Firefly’s stock price fell more than 15 percent the next day.

Less than a week later, on September 29, 2025, Firefly announced yet another Alpha rocket failure, disclosing that the first stage of its Alpha Flight 7 vehicle was lost during testing. This disclosure came just days after the CEO had publicly stated that the launch was expected in the coming weeks, and the failure intensified concerns about the viability of the Alpha program and Firefly’s ability to meet commercial launch commitments. The stock dropped another 20 percent on the news.

Firefly’s stock continues to trade well below its $45.00 offering price. The lawsuit alleges that defendants’ false and misleading statements and omissions caused investors to purchase Firefly securities at artificially inflated prices and suffer significant losses when the truth was revealed.

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If you purchased or otherwise acquired: (a) Firefly common stock pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering conducted on or about August 7, 2025 (the “IPO” or “Offering”); and/or (b) Firefly securities between August 7, 2025 and September 29, 2025, both dates inclusive, (the “Class Period”), you may be eligible to serve as lead plaintiff in this lawsuit. If you invested in Firefly securities and wish to seek appointment as lead plaintiff, we encourage you to contact DiCello Levitt LLP by submitting your information through the form on this page.

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as lead plaintiff in the Firefly class action lawsuit is January 12, 2026.