NEW YORK, June 19, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Sotheby's ("BID" or the "Company") (NYSE: BID) in connection with the proposed acquisition of the Company by BidFair USA, a company wholly owned by French billionaire Patrick Drahi. Under the terms of the agreement, Sotheby's shareholders will receive $57 for each BID share they own.
If you own Sotheby's shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
Visit our website
Or follow us on Twitter @MarketsAlert
WeissLaw is investigating whether Sotheby's Board acted to maximize shareholder value prior to entering into the agreement. Notably, prior to the acquisition announcement, BID reported a 16% annual increase in consolidated sales for fiscal year 2018.
WeissLaw is concerned whether the growth touted by the Company's CEO, Tad Smith, comes at the expense of shareholders of BID. Specifically, WeissLaw is investigating whether BID's Board conducted a fair process in agreeing to the sale, whether the proposed sale undervalues the Company, and whether all material information related to the sale is fully and fairly disclosed.
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]
SOURCE WeissLaw LLP