Titan Corporation (Now L-3 Communications Titan Group)
Robbins LLP served as co-lead counsel in this securities fraud class action against Titan Corporation and certain of its officers and directors for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and for breach of fiduciary duty. The lead plaintiff alleged that Titan made false and misleading statements regarding the company’s compliance with the Foreign Corrupt Practices Act and its financial condition and filed false Sarbanes-Oxley Act §302 certifications. These misrepresentations were made as part of an ongoing effort by Titan’s management to manipulate Titan’s stock price and disclosures to effectuate a merger with Lockheed Martin Corporation. When Lockheed discovered Titan’s manipulations and internal issues (which became the subject of civil and criminal prosecutions by the U.S. Department of Justice and the U.S. Securities and Exchange Commission), Lockheed reduced its bid and eventually called off the merger altogether.
During the pendency of this litigation, Robbins LLP reviewed hundreds of thousands of documents produced by the defendants and took depositions of key witnesses. Robbins LLP’s efforts resulted in a recovery of $61.5 million to Titan’s shareholders, one of the largest recoveries for a securities fraud class action in San Diego history.
In re Titan, Inc. Securities Litigation, No. 04-CV-0676-LAB (S.D. Cal. Dec. 20, 2005)