Lockheed’s AEGIS Combat Contract and GE’s Legal Decision with Former Executives
Lockheed Martin, an American aerospace, defense, and advanced technologies company has just signed a mega multi-million-dollar contract regarding their integrated naval weapons system “AEGIS”.
The contract is worth a large sum of money, around ~$731.13M to be exact, and is set to be completed by December of 2024. The contract goes out to a variety of U.S allies including Japan, Australia, Republic of Korea, Norway, Spain, and Canada.
Many investors are confident and loving Lockheed’s ability to secure large contracts, with many expecting Lochhead’s price to continue to rise.
Despite long-standing allegations against GE executives that they breached their fiduciary duties and violated securities laws; GE will not be pursuing a claw back. The man at the center of this all is former CEO of GE, Jeff Immelt.
This all started back in 2017 when Immelt left after allegedly using a backup corporate jet. With the SEC’s 3-year probing following suit, the conclusion was that there wasn’t evidence to support shareholders’ claims of fraud and abuse.
With this, GE’s former executives have denied the allegations and the Board has dismissed the claims explaining that there is no “sound legal basis” and “any such litigation would not be in the best interest of the company and its stockholders,” the letter states.”
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.