Editor’s Note, Sept. 26: 2021: Story updated to reflect that Richard Branson began selling $300 million worth of Virgin Galactic shares on Aug. 10 the day before the FAA notified the company of a mishap during the July flight that carried the billionaire to space. The sale continued through Aug. 12.

by Douglas Messier
Managing Editor

Analysts at Bank of America who cover Virgin Galactic’s publicly-traded stock are not amused by the company’s failure to disclose that a SpaceShipTwo suborbital flight carrying founder Richard Branson flew outside of its assigned airspace on July 11, resulting in an investigation by the Federal Aviation Administration (FAA) and the grounding of the company’s only operational space plane.

“Point blank, in our view, it is unacceptable to have an event during a flight that, per FAA regulations, is considered a mishap and then claim that the mission was a full success,” analyst Ronald Epstein wrote in a note to investors. “The old adage, it’s easier to ask for forgiveness than permission, generally is a poor strategy in aviation.”