1. The Ademi Firm is investigating PHLT for fiduciary duty breaches. 2. PHLT’s shareholders to receive $7.75 per share in the deal. 3. Transaction limits competing offers with significant penalties imposed. 4. Investigators question the board's fiduciary duties to all shareholders.
The investigation raises concerns about potential misconduct, which can lower investor confidence, similar to past situations where companies faced shareholder lawsuits and subsequent drops in stock prices.
The article highlights serious allegations that may undermine investor trust in PHLT's governance, significantly affecting its market performance.
Immediate market reactions to investigations can lead to a quick drop in stock prices, as seen in similar past scenarios.
The Ademi Firm is investigating Performant (NASDAQ:PHLT) for possible breaches of fiduciary duty and other violations of law in its transaction with Machinify.
Click here to learn how to join our investigation and obtain additional information or contact us at gademi@ademilaw.com or toll-free: 866-264-3995. There is no cost or obligation to you.
In the transaction, shareholders of Performant will receive $7.75 in cash for each share of common stock outstanding, or approximately $670 million in the aggregate. Performant insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Performant by imposing a significant penalty if Performant accepts a competing bid. We are investigating the conduct of the Performant board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
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Ademi & Fruchter LLP
Guri Ademi
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