Ademi LLP is investigating Universal (Nasdaq: USAP) for possible breaches of fiduciary duty and other violations of law in its transaction with Aperam.
In the transaction, Universal shareholders will receive only $45.00 per share in cash. The transaction agreement unreasonably limits competing transactions for Universal by imposing a significant penalty if Universal accepts a competing bid. Universal insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Universal’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.