Ademi LLP is investigating Continental (NYSE: CLR) for possible breaches of fiduciary duty and other violations of law in its transaction with the Hamm Family.
Ademi LLP alleges Continental’s financial outlook and prospects are excellent and yet Continental holders will receive only $74.28 per share. The transaction agreement unreasonably limits competing bids for Continental by imposing a significant penalty if Continental accepts a superior bid. Continental insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Continental’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 Continental.