Faruqi & Faruqi, LLP Announces Investigation of Lithium One Inc. (LI)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Lithium One Inc. (“Lithium” or the “Company”) (Venture: LI.V) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Galaxy Resources (“Galaxy”) (ASX: GXY.AX) in an all-stock transaction valued at about $95 million (CAD). Under the terms of the proposed transaction, Lithium shareholders will receive 1.8 Galaxy shares per each share of Lithium common stock they own.
Whether Lithium Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Lithium shares and by how much this proposed transaction undervalues the Company to the detriment of Lithium shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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