NEW YORK, Sept. 23, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of SkyTerra Communications, Inc. ("SkyTerra" or the "Company") (OTCBB:SKYT) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P ("Harbinger"). Under the terms of the agreement, SkyTerra shareholders will receive $5.00 in cash for each share of SkyTerra common stock they own.
The investigation concerns whether the price that the SkyTerra Board agreed to is fair given that Harbinger and its affiliates together hold approximately 48% of SkyTerra's outstanding voting common stock and approximately 49% of SkyTerra's voting and non-voting common stock combined and at least one analyst has set an $8.00 price target for SkyTerra stock.
The companies expect to consummate the transaction in late 2009 or early 2010, subject to customary closing conditions, including all necessary regulatory and stockholder approvals.
If you own common stock in SkyTerra and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/skyt1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.