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LLAP.US
id: 1356

Terran Orbital (LLAP) Contract Delays Case

The defendant has requested the court to dismiss the case.
S.D. Florida
Court
9:24-cv-81191
Case number
08/15/2023
Class period Start
08/14/2024
Class period End
11/26/2024
Lead Plaintiff motion deadline

  • $LLAP stockholders filed a suit against Terran for misleading them by claiming it could turn contracts into revenue quickly, but it was much slower.

  • On August 12, 2024, $LLAP dropped 39% after the news.

  • Terran Orbital investors can join this case to be notified about potential recovery.

Case Details:

In 2023 and early 2024, Terran Orbital assured investors about its liquidity and revenue. But by mid-2024, the company faced serious cash problems and contract delays.

On August 12, 2024, Terran revealed it had only $14.6 million in cash, heavy debt, and lost the Rivada contract, leading to an 88% drop in its backlog.

This news led to a 39% $LLAP drop. A few days later, Terran announced its acquisition by Lockheed Martin at a lower-than-expected price.

Based on these events, $LLAP stockholders filed a claim against Terran Orbital and its leaders, accusing them of the following:

  • Terran overstated revenue forecasts and liquidity and downplayed the severity of its financial issues.

  • It also delayed disclosing the Rivada contract loss and backlog reduction.

Considering all these representations, investors suspect that Terran Orbital overstated its liquidity and revenue and hid serious issues with contract delays.

Case Status
Motion to dismiss
Alleged Offence
Mismanagement, 
Misleading Statements, 
Financial Misrepresentation, 
Failure to Disclose
Suspected Party
Directors, 
Management, 
Shareholder
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/12/2024
Filing date
09/27/2024
Lead Plaintiff Deadline
11/26/2024
Judge
Robin L. Rosenberg