The Ademi Firm is investigating PharmChem (OTC: PCHM) for possible breaches of fiduciary duty and other violations of law in its transaction with Alcohol Monitoring Systems.
In the transaction, shareholders of PharmChem will receive $3.75 per share in cash. PharmChem insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for PharmChem by imposing a significant penalty if PharmChem accepts a competing bid. We are investigating the conduct of the PharmChem board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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