SAN DIEGO, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Terran Orbital Inc., ("Terran") (NYSE: LLAP). The class action is on behalf of shareholders who purchased Terran securities who purchased their stock before March 28, 2022 (the "Class Period". Investors are hereby notified that they have until April 18, 2023, to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below into a browser:
https://www.johnsonfistel.com/investigations/terran-orbital-inc
There is no cost or obligation to you.
The Terran class action lawsuit charges Terran and certain of its officers with violations of securities laws. The complaint alleges that, throughout the Class Period, class members through their employment with Legacy TOC and who were induced to vote in favor of the merger via a materially false and misleading Proxy Prospectus but later were restricted from, or otherwise unable to, sell or dispose of their post-merger Terran Orbital ("New TOC") common stock because of the misfeasance and/or malfeasance of the Defendants named herein. The New TOC stock was itself issued in violation of the Securities Act of 1933 because it was issued from a materially false and misleading S-4 Registration Statement and Prospectus ("S-4"). Defendants' failure to timely provide Plaintiff and class members with New TOC stock which was freely tradeable on the "Effective Date" as defined in the Merger Agreement also breached a contract formed between non-insider Legacy TOC common stockholders and Legacy TOC and New TOC.
A lead plaintiff will act on behalf of all other class members in directing the Terran class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Terran class action lawsuit is not dependent upon serving as lead plaintiff.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
