Diversified Restaurant Holdings, Inc.

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Ademi & O’Reilly, LLP is investigating Diversified Restaurant (NYSE: WLH) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Diversified Restaurant to the ICV.

Ademi & O’Reilly, LLP alleges Diversified Restaurant’s financial outlook is improving and yet shareholders will receive only $1.05. The merger agreement unreasonably limits competing bids for Diversified Restaurant by prohibiting solicitation of further bids, and imposing a termination penalty if Diversified Restaurant accepts a superior bid. Diversified Restaurant insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Diversified Restaurant’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 Diversified Restaurant.