Virgin Galactic Settles Investor Lawsuits on Spaceship Safety Claims

Dow Jones

May 29

By Dean Seal

Virgin Galactic settled a pair of derivative shareholder lawsuits claiming its officers concealed spaceship safety problems.

A New York federal judge granted preliminary approval to a settlement resolving claims filed in 2022 that management misled shareholders on multiple occasions, the spaceflight company said Thursday.

Investors alleged that executives concealed structural damage to spaceship stabilizers discovered during a 2019 test flight and covered up an airspace deviation from a highly-publicized 2021 suborbital spaceflight, which caused the Federal Aviation Administration to temporarily ground flights and suspend Virgin Galactic's license.

As part of the settlement, Virgin Galactic's insurers will pay the company $2.75 million, half of which it will retain after attorneys fees and other costs.

Virgin Galactic's current and former officers and directors, who were the defendants in the case, continue to deny all the allegations against them.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 28, 2026 17:20 ET (21:20 GMT)

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