Settlement of Steven Knurr v. Orbital ATK, Inc., et al., Case No. 1:16-cv-01031-TSE-MSN
The parties have reached a settlement of this action, pending in the United States District Court for the Eastern District of Virginia (Alexandria Division). The settlement provides for the payment of $108,000,000 for the benefit of eligible Class Members. Lead Plaintiff Construction Laborers Pension Trust of Greater St. Louis and named plaintiff Wayne County Employees’ Retirement System alleged that defendants made false and misleading statements, both during the class period and in connection with the merger that formed Orbital ATK, Inc. (“Orbital ATK”), that misrepresented the performance of the Lake City contract and concealed a $375 million loss on their Lake City contract which eventually led to a restatement.
The Class consists of (i) all persons who held stock in Orbital Sciences as of December 16, 2014 and exchanged shares of Orbital Sciences stock for shares of Orbital ATK common stock on or around February 9, 2015 in connection with the merger between Alliant and Orbital Sciences; and/or (ii) all persons who purchased or acquired Orbital ATK common stock between May 28, 2015 and August 9, 2016, inclusive. Excluded from the Class are Defendants and members of their immediate families, any entity in which a Defendant has a controlling interest, and the legal representatives, heirs, successors, or assigns of any such excluded party. Also excluded from the Class are those Persons who would otherwise be Class Members who timely and validly exclude themselves therefrom.
The settlement was approved by the Court on June 7, 2019.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.