A securities class action has been filed against Red Cat Holdings, Inc. (CAT) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Red Cat securities between March 18, 2022 through January 15, 2025. This case has been filed in the USDC – NY.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Salt Lake City Facility’s production capacity, and Defendants’ progress in developing the same, was overstated; (ii) the overall value of the SRR Contract was overstated; and (iii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.