Ademi LLP is investigating Longboard (NASDAQ: LBPH) for possible breaches of fiduciary duty and other violations of law in its transaction with Lundbeck.
In the transaction, Longboard shareholders will receive only $60.00 per share in a tender offer that values the Company at approximately $2.6 billion equity value. The transaction agreement unreasonably limits competing transactions for Longboard by imposing a significant penalty if Longboard accepts a competing bid. Longboard insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Longboard’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.