MILWAUKEE, Aug. 12, 2021 /PRNewswire/ — Ademi LLP is investigating IEC Electronics (NASDAQ: IEC), for possible breaches of fiduciary duty and other violations of law in its transaction with Creation Technologies.
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Ademi LLP alleges IEC Electronics’ financial outlook and prospects are excellent and yet IEC Electronics shareholders will receive only $15.35 per share in cash, representing a fully diluted equity value of approximately $173.8 million and an aggregate enterprise value of $242.3 million, based upon net debt of $68.6 million. The merger agreement unreasonably limits competing bids for IEC Electronics by prohibiting solicitation of further bids, and imposing a substantial penalty if IEC Electronics accepts a superior bid. IEC Electronics insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of IEC Electronics’ board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for IEC Electronics.
If you own IEC Electronics common stock and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, or https://www.ademilaw.com/case/iec-electronics-corp.
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SOURCE Ademi LLP