Ademi LLP is investigating Landmark (Nasdaq: LMRK), for possible breaches of fiduciary duty and other violations of law in its transaction with LD.
Ademi LLP alleges Landmark’s financial outlook and prospects are excellent and yet Landmark shareholders will receive only $16.50 in cash for each common unit owned. The merger agreement unreasonably limits competing bids for Landmark by prohibiting solicitation of further bids, and imposing a substantial penalty if Landmark accepts a superior bid. Landmark insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Landmark’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 Landmark.