Ademi LLP is investigating Morphic (NASDAQ: MORF) for possible breaches of fiduciary duty and other violations of law in its transaction with Lilly.
Morphic stockholders will receive $57 per share in cash (an aggregate of approximately $3.2 billion). The transaction agreement unreasonably limits competing transactions for Morphic by imposing a significant penalty if Morphic accepts a competing bid. Morphic insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Morphic’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.