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3 days ago
On Wednesday, an individual stockholder sued Loral Space & Communications Inc. and members of its board of directors for securities violations in connection with the company’s proposed merger with Telesat Corporation and its subsidiaries.
The Southern District of New York complaint alleged that the satellite communications company’s April 26 registration statement filed with the Securities and Exchange Commission is materially incomplete and misleading. Without additional information, the filing claims that Loral Space stockholders cannot make an informed decision on how to vote their shares.
According to the complaint, Telesat Canada, an Ottawa-based company with offices worldwide, is “a global operator of telecommunications and direct broadcast satellites used to distribute video entertainment programming and broadband data and to provide access to Internet services and other value-added communications services.” Reportedly, Telesat is a
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Loral Space & Communications Inc. (NASDAQ: LORL)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of
Loral Space & Communications Inc. (NASDAQ: LORL) in connection with the proposed combination of LORL and Telesat Canada ( Telesat ) into a new Canadian public company ( New Telesat ). Under the terms of the agreement, LORL shareholders can elect common shares of New Telesat or units of a Canadian limited partnership for each share of LORL they own. If you own LORL shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website:
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