Terran Orbital ($LLAP) Lockheed Martin Merger Disclosure Case

Investors can submit applications for the lead plaintiff role.

C.D. California

Court

8:26-cv-01587

Case number

09/18/2024

Class period Start

10/30/2024

Class period End

08/17/2026

Lead Plaintiff motion deadline

$LLAP investors filed a claim against Terran Orbital for withholding key information about Lockheed Martin’s influence over the company, the sale process, and CEO Marc Bell’s $6 million transaction bonus.
After Terran Orbital removed Rivada from the backlog and agreed to a $0.25-per-share acquisition, $LLAP fell 38.5% on August 14, 2024.
$LLAP investors can join this case to be notified about potential recovery.
Case Details:

Between September 18, 2024 and October 30, 2024, Terran Orbital stated that its board unanimously supported Lockheed Martin’s $0.25-per-share acquisition offer. 

Management described the transaction as fair and in the best interests of shareholders, despite Lockheed Martin having offered $1.00 per share several months earlier.

However, investors believed Lockheed Martin had significant influence over Terran Orbital through its roles as a major customer, large shareholder, and key lender. 

Terran Orbital did not disclose the full extent of that influence, details surrounding the sale process, changes in financial projections, or discussions regarding a $6 million bonus for CEO Marc Bell tied to the completion of the transaction.

On August 12, 2024, Terran Orbital removed the $2.7 billion Rivada contract from its backlog, reducing total backlog from $2.7 billion to $312.7 million. Following the update, $LLAP fell 29%.

On August 15, 2024, the company agreed to be acquired by Lockheed Martin for $0.25 per share.

By August 14, 2024, shares had dropped from $0.65 to $0.40, representing a total decline of 38.5%.

Based on these events, $LLAP investors filed a case against Terran Orbital, stating that the company:
Withheld important information about the Lockheed Martin acquisition process.
Failed to disclose Lockheed Martin’s influence over the company, changes in projections, and discussions regarding the CEO’s transaction-related bonus.
Investors argue Terran Orbital misled the market about the Lockheed Martin acquisition process, causing losses when additional details became known.

Case Type

US Securities Class Action

Case Status

Lead Plaintiff Submission

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Fraud,

Failure to Disclose,

Negligence

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

08/12/2024

Filing date

06/18/2026

Lead Plaintiff Deadline

08/17/2026