Ademi LLP is investigating GreenLight (NASDAQ: GRNA) for possible breaches of fiduciary duty and other violations of law in its transaction with Fall Line.
GreenLight public stockholders are expected to receive only $0.30 per share, net to the seller in cash, without interest thereon, and subject to any required withholding,. The transaction agreement unreasonably limits competing bids for GreenLight by imposing a significant penalty if GreenLight accepts a superior bid. GreenLight insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of GreenLight’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 GreenLight.