Ademi LLP is investigating Hawaiian Airlines (NASDAQ: HA) for possible breaches of fiduciary duty and other violations of law in its transaction with Alaska Air.
In the transaction, Hawaiian Airlines stockholders are expected to receive only $$18 per share, for a transaction value of approximately $1.9 billion, inclusive of $0.9 billion of Hawaiian Airlines net debt. The transaction agreement unreasonably limits competing transactions for Hawaiian Airlines by imposing a significant penalty if Hawaiian Airlines accepts a competing bid. Hawaiian Airlines insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Hawaiian Airlines’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.