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LMI Aerospace, Inc. (NASDAQ:LMIA) Investor Lawsuit Against Acquisition By Sonaca Group Filed

  • If you purchased shares of LMI Aerospace, Inc. (NASDAQ:LMIA), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
LMI Aerospace, Inc.
Security
NASDAQ: LMIA

Case Name
LMI Aerospace Deal Case 04/04/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

June 13, 2017 - The case was voluntarily dismissed.
April 4, 2017 (Shareholders Foundation) - 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.

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.