Ademi LLP is investigating KnowBe4 (Nasdaq: KNBE) for possible breaches of fiduciary duty and other violations of law in its transaction with Vista.
Ademi LLP alleges KnowBe4’s financial outlook and prospects are excellent and yet KnowBe4 holders will receive only $24.90 per share in cash upon completion of the proposed transaction. The transaction agreement unreasonably limits competing bids for KnowBe4 by imposing a significant penalty if KnowBe4 accepts a superior bid. KnowBe4 insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of KnowBe4’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 KnowBe4.