Ademi LLP is investigating Iteris (NASDAQ: ITI) for possible breaches of fiduciary duty and other violations of law in its transaction with Almaviva.
Iteris stockholders will receive only $7.20 in cash for each share of Iteris common stock valuing Iteris at approximately $335 million equity value. The transaction agreement unreasonably limits competing transactions for Iteris by imposing a significant penalty if Iteris accepts a competing bid. Iteris insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Iteris’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.