Ademi & O’Reilly, LLP is investigating the Board of Control4 Corporation (NASDAQ: CTRL) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of CTRL to SnapAV.
Ademi & O’Reilly, LLP alleges CTRL’s financial outlook is improving and yet CTRL shareholders will receive the only $23.91 per share. SnapAV is purchasing CTRL at a substantial discount. The merger agreement unreasonably limits competing bids for CTRL by prohibiting solicitation of further bids, and imposing a termination penalty if CTRL accepts a superior bid. CTRL insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of CTRL’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 CTRL.