Ademi LLP is investigating Luna Innovations (OTCMKTS: LUNA) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with TJC, L.P.
Luna Innovations shareholders will receive $1.39 per share in cash. Luna Innovations insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Luna Innovations by imposing a significant penalty if Luna Innovations accepts a competing bid. We are investigating the conduct of the Luna Innovations board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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