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Ademi LLP is investigating JMP (NYSE:JMP), for possible breaches of fiduciary duty and other violations of law in its transaction with Citizens.

Ademi LLP alleges JMP’s financial outlook and prospects are excellent and yet JMP shareholders will receive only $7.50 for each common share of JMP, or approximately $149 million. The merger agreement unreasonably limits competing bids for JMP by prohibiting solicitation of further bids, and imposing a substantial penalty if JMP accepts a superior bid. JMP insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of JMP’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 JMP.