Ademi LLP is investigating Alaska Communications (NASDAQ:ALSK) for possible breaches of fiduciary duty and other violations of the law in its transaction with ATN International.
Ademi LLP alleges Alaska Communications’ financial outlook is improving and yet Alaska Communications shareholders will receive only $3.40 per share. The merger agreement unreasonably limits competing bids for Alaska Communications by prohibiting solicitation of further bids, and imposing a termination penalty if Alaska Communications accepts a superior bid. Alaska Communications insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Alaska Communications’ board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Alaska Communications.