ContextLogic Inc. (Wish)

Practice Area: 
Stock Symbol: 
WISH
Case Status: 
Investigations

Ademi LLP is investigating ContextLogic (Wish) (NASDAQ: WISH)  for possible breaches of fiduciary duty and other violations of law in its transaction with Qoo10.

In the transaction, ContextLogic (Wish) shareholders will receive only approximately $6.50 per share at a total equity value of $173 million in cash for substantially all of its operating assets and liabilities, principally comprising its Wish ecommerce platform. The transaction agreement unreasonably limits competing transactions for ContextLogic (Wish) by imposing a significant penalty if ContextLogic (Wish) accepts a competing bid. ContextLogic (Wish) insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of ContextLogic (Wish)’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.