GRABAR LAW OFFICE INVESTIGATES CLAIMS AGAINST OFFICERS AND DIRECTORS OF REDWIRE CORPORATION (NYSE: RDW)
Grabar Law Office is investigating potential claims on behalf of shareholders of Redwire Corporation (NYSE: RDW) FKA Genesis Park Acquisition Corp. (NYSE: GNPK) shareholders. The investigation concerns whether certain officers of Redwire have breached their fiduciary duties owed to the company as a securities fraud class action has survived a motion to dismiss.
Genesis Park Acquisition Corp. (NYSE: GNPK) was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On September 2, 2021, GPAC combined with certain entities and was renamed Redwire Corporation.
Redwire purports to offer mission critical space solutions and high reliability components for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing.
The underlying class action complaint alleges that the Company, through certain officers and directors, made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that there were accounting issues at one of Redwire’s subunits; (2) that, as a result, there were additional material weaknesses in Redwire’s internal control over financial reporting; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 22, 2023, the Court issued an Order denying Defendants' Motion to Dismiss.
Current Redwire shareholders who have held Redwire shares via Genesis Park Acquisition Corp. SPAC since before March 25, 2021, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to contact us at firstname.lastname@example.org, or call Joshua Grabar at 267-507-6085.