The founder of Area I LLC sued its acquirer, Anduril Industries Inc., over claims that the defense contractor is driving down post-deal payments by cannibalizing the drone maker’s resources for a cutting-edge weapons project.
The legal complaint, filed by Area I CEO Nicholas Alley, seeks at least $15 million from Anduril on behalf of former stockholders in the “market-leading uncrewed autonomous systems company,” which specializes in tube-launched military drones, particularly its signature ALTIUS product line.
Area I’s technology is allegedly “playing a critical role in the war in Ukraine,” and it also made headlines for a civilian application in September ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.