MILWAUKEE, June 7, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating the Board of Barnes & Noble, Inc. (BKS) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of BKS to Elliott.
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Ademi & O'Reilly, LLP alleges BKS financial outlook is improving and yet BKS shareholders will receive only $6.50 per share. Elliott is purchasing BKS at a substantial discount. The merger agreement unreasonably limits competing bids for BKS by prohibiting solicitation of further bids, and imposing a termination penalty if BKS accepts a superior bid. BKS insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of BKS's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for BKS.
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