The Ademi Firm is investigating Performant (NASDAQ: PHLT) for possible breaches of fiduciary duty and other violations of law in its transaction with Machinify.
In the transaction, shareholders of Performant will receive $7.75 in cash for each share of common stock outstanding, or approximately $670 million in the aggregate. Performant insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Performant by imposing a significant penalty if Performant accepts a competing bid. We are investigating the conduct of the Performant board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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