Ademi LLP is investigating Weave (NYSE: WEAV) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Francisco Partners.
Under the terms of the merger agreement, Weave stockholders will receive $7.40, valuing the company at approximately $650 million. Weave insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Weave by imposing a significant penalty if Weave accepts a competing bid. We are investigating the conduct of the Weave board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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