Moore Law PLLC Announces Terran Orbital Corporation Lead Plaintiff Deadline
NEW YORK, July 7, 2026 /PRNewswire/ -- INVESTOR ALERT: Squitieri & Fearon LLP and Moore Law PLLC announce that record holders of Terran Orbital Corporation securities as of September 16, 2024 who held through October 30, 2024, the date the Acquisition with Lockheed Martin Corporation closed, have until September 4, 2026 to seek appointment as lead plaintiff of the Terran Orbital Corporation class action lawsuit filed in the United States District Court Central District Of California on November 4, 2025 and captioned Scottini v. Terran Orbital Corporation, Lockheed Martin Corporation, Marc Bell, Daniel Staton, Doug Raaberg, Gary Hobart, James Lachance; Richard Y. Newton, Stratton Sclavos, Tobi Petrocelli, And Tom Manion, No. 8:26-cv-01587. The Terran Orbital Corporation ("Terran" or "TOC") class action lawsuit charges Terran and Terran officers and directors with Violations of Sections 14 and 20 of the Securities Exchange Act of 1934 and for aiding and abetting for violations of Section 14(a) of the Exchange Act, Rule 14(a)-9 and 20(a) of the Exchange Act.
If you suffered substantial losses and wish to serve as lead plaintiff of the Terran class action lawsuit, please contact attorneys Lee Squitieri or Fletcher Moore by calling (212) 709-8245 or via e-mail at [email protected] or [email protected].
CASE ALLEGATIONS:
On or about March 1, 2024, Lockheed submitted a bid to acquire space technology and aircraft manufacturer Terran Orbital. The nonbinding proposal from Lockheed offered to acquire Terran Orbital's outstanding common stock at $1.00 a share in cash, as well as pay $70 million for Terran's outstanding warrants and assume the company's $313 million in outstanding debt. After meeting resistance from TOC on the price, Lockheed abruptly withdrew its bid and embarked upon a course of coercion against Terran. Eventually, Terran was forced to agree to an Acquisition at $.25 per share. The Company filed a Schedule 14A with the U.S. Securities and Exchange Commission (the "SEC") on October 4, 2024, and all supplements thereto (together, the "Proxy").
The Proxy materials contained the Board's recommendation in the Proxy materials to approve the Acquisition but it only came after Terran CEO Marc Bell ("Bell") made an undisclosed decision to change his mind from rejecting the Acquisition to approving the Acquisition coincident with an allocation to defendant Bell of a $6 million personal bonus from the Lockheed bonus pool—two-thirds of the entire transaction bonus pool. Bell had previously publicly condemned the Acquisition as inadequate for TOC shareholders.
The Proxy materials soliciting action from shareholders to approve the Acquisition as described herein failed to make full, accurate and truthful disclosure of all material facts required to make other facts stated in the Proxy materials not misleading. The misrepresented facts include facts of TOC's financial condition; the status of a major multibillion dollars contract; the negotiation process between Lockheed and TOC; the full facts of a $6 million personal payout to Terran CEO Marc Bell's contingent upon completion of Lockheed's Acquisition of TOC which was done at the 11th hour in order to win Bell support for the Acquisition; the TOC investment advisers hiring, firing and replacement and use and choice of estimates; and Lockheed's use of its power over TOC to coerce the $.25 per share Acquisition
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any stockholder who held or owned Terran Orbital Corporation securities as of September 16, 2024, and held through October 30, 2024, the date the Acquisition with Lockheed Martin Corporation closed, may seek appointment as lead plaintiff in the Terran class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Terran class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Terran class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Terran class action lawsuit.
Lead Plaintiff Deadline
Pursuant to the Private Securities Litigation Reform Act of 1995 (15 U.S. Code § 78u–4), "not later than 60 days after the date on which the notice is published, any member of the purported class may move the court to serve as lead plaintiff of the purported class." Lead plaintiff motions for this class action lawsuit must be filed with the court no later than September 4, 2026
Squitieri & Fearon LLP
Squitieri & Fearon, LLP has extensive experience representing investors in securities litigation. Squitieri & Fearon has been recognized by courts throughout the country for its high-quality and professional experience handling complex lawsuits, particularly in the fields of securities, ERISA, wage and hour, mass torts, shareholder derivative actions and antitrust claims. Squitieri & Fearon attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.sfclasslaw.com for more information.
Contact:
Squitieri & Fearon, LLP
Lee Squitieri
205 Hudson, 7th Floor
NY, NY 10013
(212) 421-6492
[email protected]
Moore Law PLLC
Moore Law is a New York City law firm representing investors and consumers in litigation involving class actions, securities laws, breaches of fiduciary duties, and other claims. For additional information about Moore Law, please visit https://fmoorelaw.com/attorneys/
Moore Law PLLC
Fletcher Moore
30 Wall Street, 8th Floor
NY, NY 10005
(212) 709-8245
[email protected]
Past results do not guarantee future outcomes.
SOURCE Moore Law PLLC
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