NEW YORK, Feb. 17, 2015 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Exelis Inc. ("Exelis" or "the Company") (NYSE:XLS) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the company in connection with the sale of the Company to Harris Corporation. A complaint was filed in Indiana federal court.
Click here to learn more about the action: http://zlk.9nl.com/exelis-xls.
Under the terms of the transaction, Exelis shareholders will receive $16.625 in cash and 0.1025 of a Harris share for each share of Exelis stock they own. The claims concern whether the Board of Exelis breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Harris Corporation is underpaying for Exelis shares. Upon completion of the merger, Harris shareholders will own 85% of the combined company.
If you own Exelis common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/exelis-xls.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.