Parts iD Investors Who Were Legacy Acquisition Corp Shareholders
Investigation On Behalf Of Former Legacy Acquisition Corp Investors
Kehoe Law Firm, P.C. is investigating whether certain officers and/or directors of Legacy Acquisition Corp (“Legacy Acquisition” or the “Company”) (NYSE: LGC) received greater benefits than Legacy Acquisition investors as a result of the Company’s merger with Parts iD, Inc. (“Parts iD”) (NYSE: ID).
The investigation concerns whether Legacy Acquisition’s board of directors or senior management failed to manage Legacy Acquisition in an acceptable manner, in breach of their fiduciary duties to the Company’s shareholders, and whether Legacy Acquisition’s shareholders suffered damages as a result.
On September 18, 2020, Legacy Acquisition executed a merger agreement with the predecessor to Parts iD, with an October 19, 2020 record date for the shareholder vote. On November 20, 2020, the merger transaction closed, with Parts iD continuing as the successor entity.
In its final days of trading pre-merger, Legacy Acquisition’s stock price dropped significantly, thereby injuring investors.