Ademi LLP is investigating SailPoint (NYSE:SAIL) for possible breaches of fiduciary duty and other violations of law in its transaction with Thomas Bravo.
Ademi LLP alleges SailPoint's financial outlook and prospects are excellent and yet SailPoint shareholders will receive only $65.25 per share. The transaction agreement unreasonably limits competing bids for SailPoint by prohibiting solicitation of further bids, and imposing a significant penalty if SailPoint accepts a superior bid. SailPoint insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of SailPoint'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 SailPoint.