Ademi LLP is investigating CTI BioPharma ((Nasdaq: CTIC) for possible breaches of fiduciary duty and other violations of law in its transaction with Sobi.
CTI BioPharma stockholders are expected to receive only $9.10 per share of common stock in an all-cash transaction, representing an implied equity value of approximately $1.7 billion. The transaction agreement unreasonably limits competing bids for CTI BioPharma by imposing a significant penalty if CTI BioPharma accepts a superior bid. CTI BioPharma insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of CTI BioPharma’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 CTI BioPharma.