Ademi LLP is investigating Envestnet (NYSE: ENV) for possible breaches of fiduciary duty and other violations of law in its transaction with Bain Capital.
Envestnet stockholders will receive will receive $63.15 in cash for each share of common stock they own in a transaction valuing Envestnet at $4.5 billion. The transaction agreement unreasonably limits competing transactions for Envestnet by imposing a significant penalty if Envestnet accepts a competing bid. Envestnet insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Envestnet’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.