Ademi LLP is investigating Sachem (NYSE American: SACH) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Industrial Realty Group.
Upon closing, IRG will receive operating partnership units representing 94.1% of outstanding equity, while existing Sachem shareholders will retain 5.9% ownership on a fully diluted basis. Sachem insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Sachem by imposing a significant penalty if Sachem accepts a competing bid. We are investigating the conduct of the Sachem board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
Join this Action