Life Storage, Inc.

Practice Area: 
Stock Symbol: 
Case Status: 

Ademi LLP is investigating Life Storage (NYSE: LSI) for possible breaches of fiduciary duty and other violations of law in its transaction with Extra Space.

Ademi LLP alleges Life Storage’s financial outlook and prospects are excellent and yet Life Storage’s shareholders are expected to receive only 0.8950 of an Extra Space share for each Life Storage share they own, representing a total consideration of approximately $145.82 per share based on Extra Space's share price close on March 31, 2023. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65% and 35% of the combined company, respectively. The transaction agreement unreasonably limits competing bids for Life Storage by imposing a significant penalty if Life Storage accepts a superior bid. Life Storage insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Life Storage’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 Life Storage.