NEW YORK, Aug. 21, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Insurance Acquisition Corp. ("INSU" or the "Company") (NASDAQ: INSU) in connection with INSU's merger with Shift Technologies Inc. ("Shift Technologies"). Under the terms of the proposed transaction, INSU will acquire Shift Technologies through a reverse merger that will result in Shift Technologies becoming a publicly-listed company. The transaction has an aggregate consideration of approximately $380 million in INSU Class A common stock, plus an additional 6 million shares of INSU Class A common stock if the combined company achieves certain price targets over time.
If you own INSU shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
WeissLaw is investigating whether INSU's board satisfied its fiduciary duties to its shareholders by conducting a fair and diligent process, agreeing to an equity split that provides fair value to INSU shareholders, and whether all information regarding the process leading to the proposed transaction and valuation of the deal is fully and fairly disclosed to INSU's shareholders. These issues are of particular concern in light of the fact that Shift Technologies' existing management team will continue to operate the newly combined company.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]