The Ademi Firm is investigating Green Dot (NYSE: GDOT) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Smith Ventures and CommerceOne Financial Corporation.
In the transaction, Green Dot shareholders will receive $8.11 per share in cash plus 0.2215 shares of a new publicly traded bank holding company. Green Dot insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Green Dot by imposing a significant penalty if Green Dot accepts a competing bid. We are investigating the conduct of the Green Dot board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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