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Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) is a leader in advanced aerospace propulsion and defense systems, powering missions for NASA and the U.S. military. This dedicated news hub provides investors and industry professionals with timely updates on strategic developments, technological breakthroughs, and operational milestones.
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Aerojet Rocketdyne (NYSE: AJRD) CEO Eileen Drake and the Committee For Aerojet Rocketdyne Shareholders and Value Maximization have released a presentation highlighting tactics used by Executive Chairman Warren Lichtenstein to delay the 2022 Annual Meeting of Shareholders. The Committee urges shareholders to sign the WHITE Consent Card to facilitate a special meeting. This action stems from ongoing delays and the lack of a confirmed date for the annual meeting. For further information, shareholders can access the full presentation at maximizeajrdvalue.com.
On May 6, 2022, Aerojet Rocketdyne's management issued a statement regarding investor Warren Lichtenstein's intentions to acquire between $202 million and $1.0098 billion in voting securities. The management expressed concerns about Lichtenstein's potential control over the company, which could undermine shareholder rights in director elections. Legal steps were reportedly taken to prevent such an acquisition before the annual meeting. The statement also highlighted perceived inconsistencies in Lichtenstein's actions, characterizing them as tactics to gain control over Aerojet Rocketdyne.
Aerojet Rocketdyne has been awarded a contract by Lockheed Martin to develop an advanced solid rocket motor for the DARPA OpFires hypersonic weapon system. The project aims to create a flexible ground-launched missile capable of penetrating modern air defenses. Previously, Aerojet Rocketdyne successfully tested a full-scale rocket motor for Phase 2 of OpFires, demonstrating thrust termination capabilities. The collaboration includes industry leaders such as Dynetics and Northrop Grumman, focusing on missile design and integration.
Aerojet Rocketdyne's CEO Eileen Drake and independent directors expressed relief over Executive Chairman Warren Lichtenstein's decision to release the findings of an internal investigation into his alleged misconduct. This development followed significant pressure from stockholders and a hearing in the Delaware Court of Chancery. Drake emphasized the importance of transparency for shareholders, highlighting the unfortunate delay in addressing stockholder demands.
Aerojet Rocketdyne Holdings (NYSE: AJRD) Executive Chairman Warren Lichtenstein, who owns approximately 5.2% of the company, is urging the Board to publicly disclose findings from an investigation involving CEO Eileen Drake. Lichtenstein argues that shareholders deserve transparency due to the conclusion of the investigation, which has been characterized as wasteful. He expresses intent to hold the company's Annual Meeting on June 27, contingent on the trial regarding Drake's alleged misuse of corporate resources concluding as expected.
Aerojet Rocketdyne Holdings (NYSE:AJRD) reported Q1 2022 results with net sales of $511.1 million, a 3% increase year-over-year. Net income rose to $27.8 million from $18.1 million, with an adjusted net income of $36.9 million. The company boasts a backlog of $6.4 billion, expecting to convert $2.4 billion to sales within the next year. Despite a free cash outflow of $77 million, management remains optimistic about ongoing contracts, including a record RL10 engine contract with United Launch Alliance.
Aerojet Rocketdyne (AJRD) announced a special meeting for stockholders in June 2022 to elect a new Board of Directors. This action comes in response to Executive Chairman Warren Lichtenstein’s refusal to set a certain date for the 2022 annual meeting. The committee, led by CEO Eileen Drake and independent directors, criticized Lichtenstein's delay tactics and stated that ongoing litigation is harming the company. They expressed that an unconditioned meeting date is essential for stockholders to exercise their rights effectively.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) Executive Chairman Warren Lichtenstein has filed a lawsuit against CEO Eileen Drake over misleading shareholder actions. The complaint highlights Drake's misuse of corporate resources in her attempt to gain board control, violating federal securities laws. A Delaware court has issued a restraining order against her activities. The annual meeting is proposed for June 27, pending trial outcomes. Lichtenstein emphasizes that Drake's actions threaten shareholder value and her proxy contains misleading statements regarding board meetings.
Aerojet Rocketdyne's CEO Eileen P. Drake responds to misleading statements by Executive Chairman Warren Lichtenstein amid a proxy fight. Drake highlights that since her appointment in November 2015, the company's total shareholder return (TSR) has increased by 186%, outperforming the S&P 500. She urges shareholders to be informed about the results of an independent investigation regarding Lichtenstein's conduct. Drake emphasizes the need for shareholders to have a decisive role in the company's future as tensions escalate between the two leadership figures.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) faces a contentious board situation as Eileen Drake, the current CEO, attempts a special meeting to gain board control. Warren Lichtenstein, Executive Chairman and major shareholder with 5.2% stake, accuses Drake of misusing company resources and breaking the law for personal gain, evidenced by a temporary restraining order from a Delaware court. Lichtenstein proposes the 2022 Annual Meeting on June 27, 2022, allowing shareholders to make informed decisions after a trial regarding Drake's alleged misconduct concludes.
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