Ademi LLP is investigating Accolade (NASDAQ: ACCD) for possible breaches of fiduciary duty and other violations of law in its transaction with the Transcarent.
In the transaction, Accolade stockholders will receive $7.03 per share in cash, which represents a total equity value of approximately $621 million. Accolade insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Accolade by imposing a significant penalty if Accolade accepts a competing bid. We are investigating the conduct of Accolade’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.