FLIR Systems, Inc.

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Ademi LLP is investigating FLIR Systems (NASDAQ:FLIR) for possible breaches of fiduciary duty and other violations of the law in its transaction with Teledyne.

Ademi LLP alleges FLIR Systems’ financial outlook is improving and yet FLIR Systems shareholders will receive only $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of $56.00 per FLIR Systems share based on Teledyne’s 5-day volume weighted average price as of December 31, 2020.  The merger agreement unreasonably limits competing bids for FLIR Systems by prohibiting solicitation of further bids, and imposing a termination penalty if FLIR Systems accepts a superior bid. FLIR Systems insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of FLIR Systems’ board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for FLIR Systems.