Ademi LLP is investigating VIZIO (Nasdaq: VZIO) for possible breaches of fiduciary duty and other violations of law in its transaction with Walmart.
In the transaction, VIZIO shareholders will receive only $11.50 per share in cash, equating to a fully diluted equity value of approximately $2.3 billion. The transaction agreement unreasonably limits competing transactions for VIZIO by imposing a significant penalty if VIZIO accepts a competing bid. VIZIO insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of VIZIO’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.