LLAP Stock News: Robbins LLP Reminds Investors with Large Losses of the Class Action Lawsuit Against Terran Orbital Corporation

SAN DIEGO, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities who purchased or otherwise acquired Terran Orbital Corporation (NYSE: LLAP) securities between August 15, 2023 and August 14, 2024. Terran manufactures and sells satellites for aerospace and defense industries in the U.S. and internationally.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Terran Orbital Corporation (LLAP) Misled Investors Regarding its Liquidity

According to the complaint, during the class period, defendants failed to disclose that: (i) it would take much longer than defendants had represented to investors and analysts for Terran to convert its contracts with its customers (collectively, “Customer Contracts”) into revenue and free cash flow; (ii) Terran did not have adequate liquidity to operate its business while waiting for the Customer Contracts to generate revenue and free cash flow; and (iii) Terran had concealed the true scope and severity of its dire financial situation.

Plaintiff alleges that on March 1, 2024, Lockheed made a non-binding offer to acquire all of Terran’s outstanding common stock for $1.00 per share in cash (the "Initial Buyout Offer") but withdrew the offer on May 2, 2024. On this news, Terran’s stock price fell $0.22 per share, or 17.05%, to close at $1.07 per share on May 3, 2024. Then, on August 15, 2024, Terran and Lockheed issued a joint press release announcing that they had entered into a definitive agreement whereby Lockheed would acquire Terran for $0.25 per share in cash. The sale price was well below the (i) $0.40 per share price at which the Company’s stock had closed the day prior, and (ii) the $1.00 per share price that Lockheed had offered in its Initial Buyout Offer. On this news, Terran’s stock price fell $0.157 per share, or 39.25%, to close at $0.243 per share on August 15, 2024.

On September 9, 2024, Terran filed a preliminary proxy with the SEC in connection with the transaction. The Proxy revealed that the reason Lockheed had withdrawn the Initial Buyout Offer and was only willing to offer $0.25 per share in cash to acquire Terran, was because Terran had long suffered from severe liquidity challenges and was on the verge of bankruptcy.

What Now: You may be eligible to participate in the class action against Terran Orbital Corporation. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by November 26, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.  

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against Terran Orbital Corporation settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5488d788-c9ea-4509-aaa4-5b9f6655a0f0