Ademi LLP is investigating Sovos (Nasdaq: SOVOS) for possible breaches of fiduciary duty and other violations of law in its transaction with Campbell Soup.
In the transaction, Sovos stockholders are expected to receive only $23 per share. The transaction agreement unreasonably limits competing transactions for Sovos by imposing a significant penalty if Sovos accepts a competing bid. Sovos insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Sovos’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.