Recent Security Class Actions
Terran Orbital Corporation Common Stock (NYSE: LLAP)
22 Days left to seek lead plaintiff status.
The Complaint alleges that the Proxy materials contained the Board’s recommendation in the Proxy materials to approve the Acquisition but it only came after Terran CEO Marc Bell (“Bell”) made an undisclosed decision to change his mind from rejecting the Acquisition to approving the Acquisition coincident with an allocation to defendant Bell of a $6 million personal bonus from the Lockheed bonus pool—two-thirds of the entire transaction bonus pool. Bell had previously publicly condemned the Acquisition as inadequate for TOC shareholders.
The misrepresented facts include facts of TOC’s financial condition; the status of a major multibillion dollars contract; the negotiation process between Lockheed and TOC; the full facts of a $6 million personal payout to Terran CEO Marc Bell’s contingent upon completion of Lockheed’s Acquisition of TOC which was done at the 11th hour in order to win Bell support for the Acquisition; the TOC investment advisers hiring, firing and replacement and use and choice of estimates; and Lockheed’s use of its power over TOC to coerce the $.25 per share Acquisition.
