Kaskela Law LLC announces that it is investigating Redwire Corp. (“Redwire”) (NYSE: RDW) on behalf of the company’s long-term stockholders.
The investigation is focused on whether the members of Redwire’s board of directors violated the securities laws or breached their fiduciary duties to stockholders in connection with recent corporate actions and disclosures.
Redwire, a space infrastructure company, develops, manufactures, and sells mission critical space solutions and components for national security, civil, and commercial markets in the United States and internationally. The current company was formed in September 2021 via a business combination with SPAC entity Genesis Park Acquisition Corp. (NYSE: GNPK), with Redwire as the surviving, public entity.
On November 10, 2021, Redwire announced that it would postpone the release of its third quarter earnings results, after the company reportedly “was notified by an employee of potential accounting issues at a business subunit.” On this news, Redwire’s stock price fell $1.92 per share, or 16% in value, to close at $9.99 per share on November 10, 2021, on unusually heavy trading volume.
Then, on November 15, 2021, Redwire reported that it could not timely file its quarterly report for the period ended September 30, 2021, due to a pending investigation into the accounting issues at a business subunit. On this news, Redwire’s stock price fell $0.93 per share, or 8% in value, over two consecutive trading sessions.
Current Redwire stockholders who purchased or acquired shares of OWLT or SBG stock prior to August 2, 2021 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (888) 715 – 1740, or by completing the information form on this page, for additional information about this action and their legal rights and options.