Ademi & O’Reilly, LLP is investigating GlobalSCAPE (Nasdaq: GSB) for possible breaches of fiduciary duty and other violations of the law in connection with the sale to HelpSystems.
Ademi & O’Reilly, LLP alleges GlobalSCAPE’s financial outlook is improving and yet shareholders will receive only $9.50 for each GlobalSCAPE share. The merger agreement unreasonably limits competing bids for GlobalSCAPE by prohibiting solicitation of further bids, and imposing a termination penalty if GlobalSCAPE accepts a superior bid. GlobalSCAPE insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of GlobalSCAPE’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for GlobalSCAPE.