Investor in Orbital Sciences Corp (NYSE:ORB) files Lawsuit filed to Halt the Takeover
Filed Under: Business, Financial Markets | Posted: 06/03/2014 at 10:31AM
Comments | Region: California | United States
The Shareholders Foundation announces that an investor, who currently holds shares of Orbital Sciences Corp (NYSE:ORB) filed a lawsuit in effort to halt the takeover of Orbital Sciences Corp by Alliant Techsystems Inc.
Investors who purchased shares of Orbital Sciences Corp (NYSE:ORB) and currently hold any of those NYSE:ORB shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:ORB stockholders by agreeing to sell Orbital Sciences Corp too cheaply via an unfair process to Alliant Techsystems Inc.
On 29 April 2014, Orbital Sciences Corp (NYSE:ORB) announced that it has entered into an agreement with Alliant Techsystems Inc. (NYSE: ATK), which will combine Orbital Sciences Corp and Alliant Techsystems Inc’s Aerospace and Defense (A&D) Groups.
However, the plaintiff claims that the offer is too low and undervalues Orbital Sciences Corp. Indeed, at least one analyst has set the high target price for NYSE:ORB shares at $42.00 per share. While Orbital Sciences Corp reported that its annual Total Revenue declined from over $1.43 billion in 2012 to over $1.36 billion in 2013, its respective Net Income increased from $61.01 million to $68.37 million.
Shares of Orbital Sciences Corp (NYSE:ORB) grew from $10.72 per share in June 2012 to as high as $28.69 per share in April 2014.
On June 2, 2104, NYSE:ORB shares closed at $26.33 per share.
Those who are current investors in Orbital Sciences Corp shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego