Sotheby's

Practice Area: 
Stock Symbol: 
BID
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating the Sotheby's (NYSE: BID) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Sothbey’s to Bidfair, an entity owned by media and telecom entrepreneur as well as art collector, Patrick Drahi..

Ademi & O’Reilly, LLP alleges Sotheby’s financial outlook is improving and yet Sotheby’s shareholders will receive only $57 per share.  Bidfair is acquiring Sotheby’s at a substantial discount.  The merger agreement unreasonably limits competing bids for Sotheby’s by prohibiting solicitation of further bids, and imposing a termination penalty if Sotheby’s accepts a superior bid. Sotheby’s insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Sotheby’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 Sotheby’s.