Orbital ATK Accused of Hiding Material Info From Stockholders

New to ClassAction.org? Read our Newswire Disclaimer

Orbital ATK, Inc. and its board of directors are facing a securities lawsuit alleging that they failed to properly communicate to stockholders the details of a proposed merger between Orbital and Northrop Grumman Corporation. Specifically, the complaint claims the defendants’ proxy statement failed to disclose figures used in the company’s financial projections and the valuation analyses performed by its financial advisor. Furthermore, the plaintiff says he has reason to believe that the individual board members faced a conflict of interest, noting that they stand to receive significant monetary benefits in the transaction, and argues that the proxy statement neglected to mention the timing and nature of communications regarding their future employment with the new company.