Ademi & O’Reilly, LLP is investigating Portola (Nasdaq: PTLA) for possible breaches of fiduciary duty and other violations of the law in connection with the sale to Alexion.
Ademi & O’Reilly, LLP alleges Portola’s financial outlook is improving and yet shareholders will receive only $18 per share in cash.. The merger agreement unreasonably limits competing bids for Portola by prohibiting solicitation of further bids, and imposing a termination penalty if Portola accepts a superior bid. Portola insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Portola’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Portola.