Ademi LLP is investigating Terran (NYSE: LLAP) for possible breaches of fiduciary duty and other violations of law in its transaction with Lockheed Martin.
Terran stockholders will receive only $0.25 in cash for each outstanding share of common stock. The transaction agreement unreasonably limits competing transactions for Terran by imposing a significant penalty if Terran accepts a competing bid. Terran insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Terran’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.