Terran Orbital Beats Investor Suit Over Liquidity, Fire Sale

Terran Orbital Corp. investors can’t proceed with class claims that the satellite maker concealed a cash reserve problem that led to its discounted sale to Lockheed Martin Corp., a federal court ruled.

Some of the allegations are “troubling,” Judge Robin L. Rosenberg said in an order docketed Aug. 22 in the US District Court for the Southern District of Florida. But the complaint against the company and top members of its leadership falls short under the standard for pleading securities fraud, Rosenberg said.

The statements targeted in the proposed class action began after Terran went public through a merger with ...