The project is based a on a six-book science fiction book series, of which one of the writers is James Frey, best known for writing "A Million Little Pieces."
The only plot details that were revealed was that the franchise is about a group of nine earthbound alien teens who escaped their planet just before it was destroyed by a hostile species. While the high school-aged kids assimilate, the title character discovers that he is being hunted by the enemy that blew up his planet.
FilmDrunk dug up a more detailed synopsis of the project:
The protagonist is 15. The rival race of aliens are from the planet Mogadore. They destroyed Lorien in order to strip the planet of its natural resources because Mogadore was dying, and still is, and they followed the Loric to Earth to finish the job. The Loric develop their "Legacies" (special powers) around their fifteenth year. This first book is a kind of love story. At its core it's a type of father/son alone in the world, always moving to stay alive story, a lá The Road."
Will this be the next project Michael Bay takes on?