MONSEY, N.Y., Aug. 15, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Terran Orbital Corporation (NYSE: LLAP) (“Terran”) to Lockheed Martin (“Lockheed”) for $0.25 per share in cash. The sales price is substantially below the pre-announcement price target for Terran of multiple Wall Street analysts, including Josh Sullivan of Benchmark Co. with a price target of $12.00 per share, and Erik Rasmussen of Stifel Nicolaus with a price target of $7.00 per share (source: TipRanks).
If you remain a Terran shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/terran-orbital/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On August 15, 2024, Terran announced that it had agreed to be sold to Lockheed for $0.25 per share in cash.
As of April 8, 2024, Lockheed owned 27.5% of Terran’s outstanding shares. Further, during the six months ended June 30, 2024, Lockheed accounted for approximately 71% of Terran’s consolidated revenue.
Further, on March 1, 2024, Lockheed made an offer of $1.00 per share for the shares of Terran it did not already own. But then on May 2, 2024, Lockheed abruptly withdrew its offer.
Notably, according to TipRanks, the sales price of $0.25 per share is substantially below the price target of multiple Wall Street analysts, including:
- Josh Sullivan of Benchmark Co. with a price target of $12.00 per share
- Erik Rasmussen of Stifel Nicolaus with a price target of $7.00 per share
Finally, the sales price is also well below Terran’s 52-week high of $1.62 per share, which indicates that the purchase may be opportunistic.
“We are investigating whether the Terran Board of Directors acted in the best interests of Terran shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Terran shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
