Poshmark, Inc.

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Ademi LLP is investigating Poshmark (NASDAQ: POSH) for possible breaches of fiduciary duty and other violations of law in its transaction with Naver Corp.

Ademi LLP alleges Poshmark’s financial outlook and prospects are excellent and yet Poshmark holders will receive only $17.90 in cash, representing an enterprise value of approximately $1.2 billion. The transaction agreement unreasonably limits competing bids for Poshmark by imposing a significant penalty if Poshmark accepts a superior bid. Poshmark insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Poshmark’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 Poshmark.