A lawsuit was filed for investors in shares of LMI Aerospace, Inc. (NASDAQ:LMIA) in connection with the proposed takeover and NASDAQ:LMIA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/05/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of LMI Aerospace, Inc. (NASDAQ:LMIA), filed a lawsuit in effort to halt the proposed takeover of LMI Aerospace, Inc. by Sonaca Group for $14.00 per share.
Investors who purchased shares of LMI Aerospace, Inc. (NASDAQ:LMIA) and currently hold any of those NASDAQ:LMIA shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:LMIA stockholders by agreeing to sell LMI Aerospace, Inc. too cheaply via an unfair process to Sonaca Group
On February 16, 2017, LMI Aerospace, Inc. (NASDAQ:LMIA) has entered into a merger agreement to be acquired by Sonaca Group. Under the agreement, LMI Aerospace, Inc. (NASDAQ:LMIA) shareholders will receive $14 per share in an all-cash transaction.
However, plaintiff claims that the proposed consideration NASDAQ:LMIA shareholders will receive is grossly inadequate and undervalues LMI Aerospace, Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ:LMIA stockholders.
On April 4, 2017, shares of LMI Aerospace, Inc. (NASDAQ:LMIA) closed at $13.74 per share.
Those who are current investors in LMI Aerospace, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com