8-KOther Events

LOCKHEED MARTIN CORP 8-K Report (Jun 10, 2003)

Filed June 10, 2003For Securities:LMT

Summary

Lockheed Martin Corporation (LMT) has filed an 8-K report detailing a significant legal action initiated on June 10, 2003. The company announced it has filed a lawsuit against The Boeing Company and three former Boeing employees. This lawsuit centers on allegations of violations of Federal and Florida law concerning the solicitation, acquisition, and use of Lockheed Martin's proprietary information. The core of the dispute revolves around the competition for launch contract awards under the U.S. Air Force's Evolved Expendable Launch Vehicle (EELV) program. Lockheed Martin is seeking compensatory damages, including treble and punitive damages, along with costs and injunctive relief. While the outcome is uncertain, this litigation could have implications for future contract competitions in the government and commercial launch vehicle sectors.

Key Highlights

  • 1Lockheed Martin filed a lawsuit against The Boeing Company and three former Boeing employees on June 10, 2003.
  • 2The lawsuit alleges violations of Federal and Florida law related to the misuse of Lockheed Martin's proprietary information.
  • 3The dispute stems from the competition for U.S. Air Force Evolved Expendable Launch Vehicle (EELV) program launch contracts.
  • 4Lockheed Martin is seeking compensatory, treble, and punitive damages, as well as injunctive relief.
  • 5The company acknowledges that the success of the lawsuit and its potential impact on future competitions are uncertain.
  • 6The press release announcing the lawsuit is attached as an exhibit to the 8-K filing.

Frequently Asked Questions

Lockheed Martin filed the lawsuit alleging that Boeing and its former employees improperly solicited, acquired, and used Lockheed Martin's proprietary information during the competition for U.S. Air Force Evolved Expendable Launch Vehicle (EELV) program contracts.

Lockheed Martin is seeking compensatory damages, which include treble and punitive damages, as well as legal costs and injunctive relief.

The company states that it is too early to determine the exact impact, but the lawsuit could potentially affect the outcome of future competitions for U.S. Government or commercial launch vehicles. There is no assurance that Lockheed Martin will be successful in recovering damages or obtaining other relief.

The lawsuit was announced and the 8-K report was filed on June 10, 2003, with the event date being June 9, 2003.