Metromile, Inc.

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Ademi LLP is investigating Metromile (NASDAQ: MILE, MILEW), for possible breaches of fiduciary duty and other violations of law in its transaction with Lemonade.

Ademi LLP alleges Metromile’s financial outlook and prospects are excellent and yet Metromile shareholders will receive only Lemonade common shares at a ratio of only 19:1. The merger agreement unreasonably limits competing bids for Metromile by prohibiting solicitation of further bids, and imposing a significant penalty if Metromile accepts a superior bid. Metromile insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Metromile’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 Metromile.