Ademi LLP is investigating Aerojet (NYSE:AJRD) for possible breaches of fiduciary duty and other violations of law in its transaction with L3Harris.
Ademi LLP alleges Aerojet’s financial outlook and prospects are excellent and yet Aerojet shareholders will receive only $58 per share. The transaction agreement unreasonably limits competing bids for Aerojet by imposing a significant penalty if Aerojet accepts a superior bid. Aerojet insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Aerojet’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 Aerojet.