King & Spalding Obtains Complete Dismissal of Securities Class Action in S.D.N.Y. for Terran Orbital Corp. and its Directors

On July 26, 2024, a King & Spalding team led by Brian Miller and including Samantha Kavanaugh, Frances Fink and Jessica Benvenisty, won a complete dismissal of a securities class action in the U.S. District Court for the Southern District of New York on behalf of client Terran Orbital Corp. and its current and former directors. The litigation arose out of a special purpose acquisition company (“SPAC”) merger transaction. Judge Jesse Furman granted the motion to dismiss in its entirety and with prejudice. The court dismissed the breach of fiduciary duty and aiding and abetting claims, relying on the company’s statutorily authorized exculpation clause in its articles of incorporation. The court confirmed that no further amendments would be allowed. The case name is Mullen, et al. v. Terran Orbital Operating Corp., et al., Case No. 1:23-cv-01394-JMF (S.D.N.Y.).