Firefly Aerospace, a space and defense technology company, conducted an IPO on or about August 7, 2025, issuing approximately 19.3 million shares at $45 per share. The class action alleges defendants made false or misleading statements and omitted that Firefly had overstated demand and growth for its Spacecraft Solutions business and the operational readiness and commercial viability of its Alpha rocket, matters likely to be materially adverse. On September 22, 2025, Firefly’s first post-IPO earnings report disclosed a Q2 2025 loss of $80.3 million versus $58.7 million a year earlier, revenue of $15.55 million (below $17.25 million estimates) and Spacecraft Solutions revenue of $9.2 million (a 49% year-over-year decline); the complaint alleges shares fell more than 15% on that news. On September 29, 2025, Firefly disclosed that the first stage of its Alpha Flight 7 rocket was lost, and the complaint alleges shares fell over 20%.