NEWTOWN,
Pa., Oct. 8, 2024 /PRNewswire/ -- Edelson
Lechtzin LLP, a top ranked class action law firm, announces the
filing of a securities fraud class action on behalf of
all investors of Terran Orbital Corporation (NYSE: LLAP) between
August 15, 2023, and August 14, 2024, inclusive (the "Class
Period").
Investors who purchased Terran stock during the Class Period may
move the U.S. District Court for the Southern District of Flordia
to appoint them as lead plaintiff, no later than November 26, 2024. Please contact
Edelson Lechtzin LLP to discuss your investment losses at
844-696-7492, or by e-mail at
elechtzin@edelson-law.com or online HERE.
Background Terran Orbital Corporation
Terran, based in Boca Raton,
Florida, manufactures and sells satellites for the aerospace
and defense industries in the U.S. and abroad.
The Securities Fraud Claims
Throughout the Class Period, the Complaint alleges
that Defendants made materially false and misleading statements
regarding the Company's business, operations, and prospects.
Specifically, Terran failed to disclose to investors that: (i) it
would take much longer than Terran had represented to investors and
analysts 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.
In February 2023, Terran announced
that its subsidiary, Tyvak Nano-Satellite Systems, Inc., had
secured a $2.4 billion contract from
Rivada Space Networks GmbH to build 300 satellites. Defendants
assured investors that Terran would quickly turn this contract into
revenue and free cash flow. On March 1,
2024, Lockheed offered to buy all Terran's outstanding
common stock for $1.00 per share in
cash. However, on May 2, 2024,
Lockheed revealed in an SEC filing that it had withdrawn the buyout
offer. On this news, the price of Terran's stock fell $0.22 per share, or 17.05%, to close at
$1.07 per share on May 3, 2024.
On August 12, 2024, Terran filed
its Q2 2024 report with the SEC, revealing $14.6 million in cash, approximately $300 million in debt as of June 30, 2024, and a reduction of the total
backlog from $2.7 billion to
$312.7 million by removing the Rivada
Contract. On this news, Terran's stock price fell $0.06 per share, or 8.45%, to close at
$0.65 on August 12, 2024.
On August 15, 2024, Terran and
Lockheed announced that Lockheed would acquire Terran for
$0.25 per share in cash, which was
lower than both the previous day's closing stock price of
$0.40 per share and Lockheed's
initial buyout offer of $1.00 per
share. On this news, Terran's stock price fell $0.157 per share, or 39.25%, to close at
$0.243 on August 15, 2024.
For more information, please contact:
Marc H.
Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with
offices in Pennsylvania and
California. In addition to cases
involving securities and investment fraud, our lawyers
focus on class and collective litigation in cases alleging
violations of the federal antitrust laws, employee benefit plans
under ERISA, wage theft and unpaid overtime, consumer
fraud, and dangerous and defective drugs and medical
devices.
This press release may be considered Attorney Advertising in
some jurisdictions. No class has been certified in this case, so
you are not represented by counsel unless you retain one. You may
select counsel of your choice. You may also remain an absent class
member and do nothing at this point. Your ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
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SOURCE Edelson Lechtzin LLP
