Stock Symbol:
PLL
Case Status:
Investigations
Ademi LLP is investigating Piedmont (NASDAQ: PLL) for possible breaches of fiduciary duty and other violations of law in its transaction with Sayona.
In the transaction, the stockholders of Piedmont will receive only Sayona ADSs corresponding to 527 Sayona ordinary shares for each Piedmont share of common stock held. The transaction agreement unreasonably limits competing transactions for Piedmont by imposing a significant penalty if Piedmont accepts a competing bid. Piedmont insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Piedmont’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.