A lawsuit was filed on behalf of investors in Terran Orbital Corporation (NYSE:LLAP) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/02/2023 -- An investor, who purchased shares of Terran Orbital Corporation (NYSE: LLAP), filed a lawsuit over alleged violations of Federal Securities Laws by Terran Orbital Corporation in connection with certain allegedly false and misleading statements.
Investors who acquired shares of Terran Orbital Corporation (NYSE: LLAP) before March 28, 2022, have certain options and for certain investors are short and strict deadlines running. Deadline: April 18, 2023. NYSE: LLAP investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
In 2021, Legacy TOC and Tailwind Two Acquisition Corp. ("TTAC") agreed to merge. The merger was affected in 2022. The merger terms dictated, inter alia, that Legacy TOC common stock would be exchanged for New TOC common stock at an agreed exchange rate. After registration and issuance on March 25, 2022, New TOC shares started trading on the New York Stock Exchange under ticker symbol "LLAP."
Since March 2022, shares of Terran Orbital Corporation (NYSE: LLAP) declined to as low as $1.29 per share on December 20, 2022.
According to the complaint, the plaintiff claims that all stockholders of Terran Oribital, Inc. (NYSE: LLAP) who purchased their stock prior to March 28, 2022, through their employment with Legacy TOC, were induced to vote in favor of the merger via a materially false and misleading Proxy Prospectus, and were later restricted from, or otherwise unable to sell or dispose of their post-merger Terran Orbital ("New TOC") common stock because of the misrepresentations of defendants.
The plaintiff alleges that 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"). The plaintiff further more claims that the 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.
Those who purchased shares of Terran Orbital Corporation (NYSE: LLAP) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.