Ademi & O’Reilly, LLP is investigating Pattern Energy (Nasdaq: PEGI) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Pattern Energy to the CPPIB.
Ademi & O’Reilly, LLP alleges Pattern Energy’s financial outlook is improving and yet shareholders will receive only $26.75 in cash consideration for each share of Pattern Energy. The merger agreement unreasonably limits competing bids for Pattern Energy by prohibiting solicitation of further bids, and imposing a termination penalty if Pattern Energy accepts a superior bid. Pattern Energy insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Pattern Energy’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 Pattern Energy.