EXELIS SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Exelis, Inc. Over the Proposed Sale of the Company to Harris Corp. - XLS
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Exelis, Inc. (“Exelis” or the “Company”) (NYSE: XLS) for potential breaches of fiduciary duties in connection with the sale of the Company to Harris Corporation (“Harris”) (NYSE: HRS) for approximately $4.75 billion in a cash and stock transaction. The Company’s stockholders will only receive $16.625 in cash and 0.1025 of a share of Harris for each share of Exelis common stock they own. This equates to a value of about $23.75 per share.
The investigation focuses on whether Exelis’ Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Exelis’ shareholders.
If you own common stock in Exelis and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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