Ademi LLP is investigating ChannelAdvisor (NYSE: ECOM) for possible breaches of fiduciary duty and other violations of law in its transaction with CommerceHub.
Ademi LLP alleges ChannelAdvisor’s financial outlook and prospects are excellent and yet ChannelAdvisor holders will receive only $23.10 per share. The transaction agreement unreasonably limits competing bids for ChannelAdvisor by imposing a significant penalty if ChannelAdvisor accepts a superior bid. ChannelAdvisor insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of ChannelAdvisor’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 ChannelAdvisor.