Hibbett, Inc.

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Ademi LLP is investigating Hibbett (NASDAQ: HIBB) for possible breaches of fiduciary duty and other violations of law in its transaction with JD Sports.

In the transaction, Hibbett stockholders will receive only $87.50 per share in cash, representing an aggregate enterprise value of approximately $1.1 billion. The transaction agreement unreasonably limits competing transactions for Hibbett by imposing a significant penalty if Hibbett accepts a competing bid. Hibbett insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Hibbett’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.