The Ademi Firm is investigating Potbelly (NASDAQ: PBPB) for possible breaches of fiduciary duty and other violations of law in its transaction with a RaceTrac.
Shareholders of Potbelly will $17.12 per share in an all-cash transaction valued at approximately $566 million. Potbelly insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Potbelly by imposing a significant penalty if Potbelly accepts a competing bid. We are investigating the conduct of the Potbelly board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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