Stockholder Claims Orbital ATK and its Executives Filed Misleading Proxy

New to ClassAction.org? Read our Newswire Disclaimer

Orbital ATK, Inc. and its board of directors are facing another proposed class action filed by an Orbital stockholder who claims the defendants issued a misleading proxy statement in connection with a potential merger between Orbital and Northrop Grumman Corporation. According to the complaint, the statement was missing information concerning Orbital’s financial projections, details of the valuation analyses performed by the company’s financial advisor, and potential conflicts of interest among Orbital executives. Specifically, the suit argues that the defendants failed to disclose the timing and nature of communications regarding executives’ future employment with the new company, noting that such information “provides illumination concerning motivations that would prevent fiduciaries from acting solely in the best interests of the Company’s stockholders.”