Ademi LLP is investigating VOXX (NASDAQ: VOXX) for possible breaches of fiduciary duty and other violations of law in its transaction with Gentex.
In the transaction, VOXX shareholders will receive $7.50 per share. VOXX insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for VOXX by imposing a significant penalty if VOXX accepts a competing bid. We are investigating the conduct of VOXX’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.