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Orbital Sciences Corp (NYSE:ORB) Investor Files Lawsuit In Effort To Halt The Proposed Acquisition

  • If you purchased shares of Orbital Sciences Corp (NYSE:ORB) and currently hold any of those NYSE:ORB shares, you have certain options and you should 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

Company
Orbital Sciences Corp
Security
NYSE: ORB

Case Name
Orbital Sciences Deal Case 05/23/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

May 27, 2014 (Shareholders Foundation) - 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.
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 May 23, 2104, NYSE:ORB shares closed at $26.65 per share.