Ademi & Fruchter LLP is investigating Altus Power (NYSE: AMPS) for possible breaches of fiduciary duty and other violations of law in its transaction with TPG Rise Climate.
In the transaction, Altus Power stockholders will receive only $5.00 per share of its Class A common stock in an all-cash transaction that values the Company at approximately $2.2 billion, including outstanding debt. Altus Power insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Altus Power by imposing a significant penalty if Altus Power accepts a competing bid. We are investigating the conduct of Altus Power’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.