A class action lawsuit was filed in New York on Dec. 7 alleging securities fraud by Virgin Galactic, which went public on the New York Stock Exchange (NYSE) in October 2019 after merging with Chamath Palihapitiya’s Social Capital Hedosophia (SCH).
Named in the lawsuit are Virgin Galactic Holdings, CEO Michael Colglazier, former CEO George Whitesides, former current chief financial officer Doug Ahrens, and former chief financial officer Jon Compagna.
The lawsuit was filed amid years-long delays in the start of commercial human suborbital flights that have caused a sharp decline in the value of the stock. Virgin Galactic began trading on the New York Stock Exchange at an opening price of $12.34 on Oct. 28, 2019. The stock is now trading at $14.46 having previously soared to a high of $62.80.
LONG BEACH, Calif., October 18, 2021 (AstroAccess PR) – AstroAccess, an initiative dedicated to advancing disability inclusion in space exploration, and Zero Gravity Corporation (ZERO-G) successfully completed a parabolic flight with a crew of 12 ambassadors with mobility, vision, and hearing disabilities on Sunday, October 17.
On Sunday, the ZERO-G aircraft ascended to an altitude of 32,000 feet, at which point the vehicle commenced its parabolic maneuvers. Ambassadors carried out planned demonstrations over the course of 15 arcs, experiencing multiple minutes of weightlessness.
12 ambassadors selected to participate in weightless parabolic flight on October 17
Ambassadors with mobility, vision, and hearing disabilities will test the design for accessibility in zero-gravity and high gravity environments
LONG BEACH, Calif., October 5, 2021 (AstroAccess PR) – AstroAcccess, a mission dedicated to advancing disability inclusion in space exploration, today unveils a crew of 12 ambassadors selected to participate in a parabolic flight with the Zero Gravity Corporation (ZERO-G) on 17 October 2021.
Richard Branson’s space tourism company used similar numbers to go public on the New York Stock Exchange. Were investors duped?
by Douglas Messier Managing Editor
Nicholas Schmidle’s book about Virgin Galactic and SpaceShipTwo is coming out on Tuesday. In an essay he wrote for The New York Times, he recounted how Virgin Galactic President Michael Moses didn’t believe the company’s own flight projections when they were presented to him by its then-chief financial officer.
At one point, I was leaked a cache of internal documents. Some revealed the depth of Virgin Galactic’s oftentimes shaky grip on reality.
In 2013, Mike Moses, at the time Virgin Galactic’s senior vice president for operations, was sent an email containing a chart from Virgin Galactic’s chief financial officer at the time, Ken Sunshine. The chart showed a radical uptick in flight operations, projecting 75 flights in 2015, 194 in 2016, 229 in 2017 and 264 in 2018. “No chance in hell,” replied Mr. Moses, who is Beth’s husband. “These numbers are a pipe dream.” (Mr. Moses, through a representative, declined to comment on those emails.)
MOJAVE, Calif. (Virgin Galactic PR) — Virgin Galactic today announced the establishment of its Space Advisory Board.
The Virgin Galactic Space Advisory Board will provide advice to senior management as the company moves forward to open space for the benefit of all. The Space Advisory Board, composed of leading experts from the aerospace sector, will be a resource as the company starts commercial spaceflight service and develops next generation vehicles. The Space Advisory Board will also serve as a forum to discuss technical and operational best practices, and provide awareness of opportunities in commercial, civil and government-related markets.
The Space Advisory Board members announced today are:
Chris Hadfield – Decorated astronaut, engineer, and test pilot who served as commander of the International Space Station. He has flown to space three times, to the International Space Station and the Russian Space Station Mir. He has performed two spacewalks and flown over 100 types of aircraft. He was NASA’s Chief CAPCOM, the voice of Mission Control to astronauts in orbit, for 25 Space Shuttle missions, and served as chief of International Space Station Operations at the NASA Johnson Space Center.
Newly arrived back on Earth after a quick visit to space, Virgin Galactic Chief Astronaut Beth Moses was effusive as she described the suborbital flight she had just taken aboard the company’s SpaceShipTwo rocket plane, VSS Unity.
“Richard, you’re going to love it!” she told Virgin Chairman Richard Branson, who had remotely monitored the Feb. 22, 2019 flight that had taken place over California’s Mojave Desert.
For 26 years, Michael Colglazier worked for a company whose theme parks feature a popular attraction named Space Mountain. They aren’t really mountains and they don’t go anywhere near space, but as rollercoasters they are pretty good.
When the former Walt Disney Company executive signed on to become Virgin Galactic’s CEO in July, his contract included a free ride to space for himself and three friends aboard his new employer’s SpaceShipTwo suborbital vehicle.
Boom Supersonic’s recent rollout of its XB-1 supersonic demonstrator aircraft marked a milestone in an accelerating race to revive an era of civilian supersonic travel that ended when the Concorde jetliner was retired in 2003.
XB-1, aka Baby Boom, is set to begin flight tests next year from the Mojave Air and Space Port in California. The Mach 2.2 (2,717 km/h, 1,688 mph) vehicle is the precursor to Boom’s 55-seat Overture airliner, which is scheduled to begin carrying passengers in 2029.
Virgin Galactic plans to resume suborbital flight tests of SpaceShipTwo (SS2) VSS Unity in late October from Spaceport America in New Mexico after a 20-month long hiatus, according to a filing the company made with the Federal Communications Commission (FCC).
A provision in George Whitesides’ contract has Virgin Galactic’s chief space officer — and possibly his wife, Loretta Hidalgo Whitesides — flying on one of SpaceShipTwo’s early suborbital flights from Spaceport America in New Mexico.
LAS CRUCES, N.M. 3 August 2020 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”), a vertically integrated aerospace and space travel company, which includes its manufacturer of advanced air and space vehicles, The Spaceship Company (“TSC”), announced today the first stage design scope for the build of its high speed aircraft design, and the signing of a non-binding Memorandum of Understanding (MOU) with Rolls-Royce to collaborate in designing and developing engine propulsion technology for high speed commercial aircraft.
MOJAVE, Calif. (Virgin Galactic PR) –Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”), a vertically integrated aerospace and space travel company, today announced the appointments of Michael Colglazier as Virgin Galactic’s new Chief Executive Officer and George Whitesides as Chief Space Officer, effective July 20, 2020.
Michael assumes the CEO role at an exciting time for Virgin Galactic as the Company progresses through its test flight program and prepares for commercial service. He will also join the Company’s Board of Directors effective July 20, 2020. Michael joins Virgin Galactic following a long and successful career at The Walt Disney Company (NYSE: DIS), bringing over three decades of experience in developing and growing consumer-oriented multi-billion dollar businesses strategically, commercially, and operationally.
Most recently Michael was President and Managing Director, Disney Parks International, where he was responsible for operations, strategy, and commercial and experiential development of Disney’s international parks and resorts.
Increases Commercial Participation in Human Spaceflight to ISS to Advance LEO Economy
(MOJAVE, California) – June 22, 2020 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, announced today the signing of a Space Act Agreement with NASA’s Johnson Space Center to encourage commercial participation in orbital human spaceflight to the International Space Station (“ISS”) while enabling the development of a robust economy in Low Earth Orbit.
During the current global crisis, we believe that the space industry has a responsibility to share expertise, knowledge, resources, and ingenuity to aid in the fight against COVID-19. That’s why, today, we are proud to share that Virgin Galactic is meeting this responsibility head-on through a Space Act Agreement with NASA.
Supporting our Communities: Our work with the Antelope Valley COVID-19 Task Force
George Whitesides CEO Virgin Galactic and The Spaceship Company
As we all continue to feel the direct impact of COVID-19 in our day-to-day lives, I’ve been inspired by the teamwork shown in the Antelope Valley (AV) of California to respond to the challenge of COVID-19. Now more than ever, it is crucial that we share knowledge, skills and collaborate.