According to the Complaint, Virgin Galactic Holdings, Inc. is an integrated aerospace company that develops human spaceflight for private individuals and researchers in the U.S.

On October 25, 2019, post-market, Virgin Galactic was formed via a business combination between Social Capital Hedosophia Holdings Corp. ("SCH"), a special purpose acquisition company ("SPAC"), and the Company's then-private predecessor, after which SCH changed its name to "Virgin Galactic Holdings, Inc." and its ticker symbol to "SPCE" (the "Business Combination").

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) for accounting purposes, SCH's warrants were required to be treated as liabilities rather than equities; (ii) Virgin Galactic had deficient disclosure controls and procedures and internal control over financial reporting; (iii) as a result, the Company improperly accounted for SCH warrants that were outstanding at the time of the Business Combination; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

On September 17, 2021, the Court issued an Order appointing Co-Lead Plaintiffs and Co-Class Counsel. Co-Lead Plaintiffs filed an amended Complaint on December 6 and corrected the amended Complaint on December 7. Defendants filed a Motion to Dismiss the amended Complaint on April 4, 2022. On November 7, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On February 9, 2023, Plaintiffs filed a second amended Complaint.