Ademi LLP is investigating Livent (NYSE:LTHM) for possible breaches of fiduciary duty and other violations of law in its transaction with Allkem.
Livent public stockholders are expected to receive only 2.406 New Topco Shares for each share of Livent common stock they hold. Following the completion of the Transactions, former Allkem shareholders are expected to hold approximately 56% of New Topco and former Livent stockholders are expected to hold approximately 44% of New Topco. The transaction agreement unreasonably limits competing bids for Livent by imposing a significant penalty if Livent accepts a superior bid. Livent insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Livent’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 Livent.