The Ademi Firm is investigating Synchronoss (NASDAQ: SNCR) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Lumine Group.
In the transaction, Synchronoss shareholders will receive $9.00 per share, representing an enterprise value of approximately $258.4 million. Synchronoss insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Synchronoss by imposing a significant penalty if Synchronoss accepts a competing bid. We are investigating the conduct of the Synchronoss board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.