Ademi & O’Reilly, LLP is investigating the Board of Directors of Sparton Corporation. (Nasdaq: SPA) for possible breaches of fiduciary duty and other violations of Ohio law in connection with the sale of Sparton to Ultra.
Click here to learn how to join the action: http://ademilaw.com/case/sparton or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi & O’Reilly, LLP alleges Sparton’s long-term financial outlook is improving and yet Sparton shareholders will receive the equivalent of $23.50 per Sparton common share. Ultra is well aware of Sparton’s improving financial metrics and is purchasing Sparton at a substantial discount. The merger agreement unreasonably limits competing bids for Sparton by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Sparton receive and accept a superior bid. Sparton insiders, their affiliates and other major shareholders own significant voting stock, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Sparton. Our investigation centers on the conduct of Sparton’s Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Sparton given its current financial condition and prospects.
If you own common stock in Sparton and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, or http://ademilaw.com/case/sparton.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170707005351/en/
Contacts:
Guri Ademi
Toll Free: (866) 264-3995
Fax:
(414) 482-8001
