Ademi LLP is investigating Seagen (Nasdaq: SGEN) for possible breaches of fiduciary duty and other violations of law in its transaction with Pfizer.
Ademi LLP alleges Seagen’s financial outlook and prospects are excellent and yet Seagens shareholders are expected to receive only $229 in cash per Seagen share for a total enterprise value of $43 billion. The transaction agreement unreasonably limits competing bids for Seagen by imposing a significant penalty if Seagen accepts a superior bid. Seagen insiders will receive substantial benefits as part of change of control arrangements.