SAN DIEGO, March 21, 2023 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline is coming up on April 18, 2023, in the lawsuit that was filed for certain investors in Terran Orbital Corporation (NYSE: LLAP) shares.
Investors who through their employment with Legacy TOC acquired shares in excess of $50,000 of Terran Orbital Corporation (NYSE: LLAP) have certain options and there are deadlines running. Deadline: Aril 18, 2023. Those NYSE: LLAP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint, the plaintiff claims that all stockholders of Terran Orbital, 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 because it was issued from a materially false and misleading Registration Statement and Prospectus filed with the SEC.
The plaintiff furthermore claims that the defendants' failure to timely provide the 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 acquired NYSE: LLAP shares through their employment with Legacy TOC should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a 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. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
