LONDON – In a further revelation from today’s Spirit-Frontier merger, the law office of Brodsky & Smith is investigating the Board of Directors at Spirit Airlines.

This is due to “possible breaches of fiduciary duty and other violations of federal and state law in connection with the company’s agreement to be acquired by Frontier Group Holdings Inc.”

Under the terms of the merger agreement, Spirit shareholders will receive 1.9126 shares of Frontier plus $2.13 in cash for each existing Spirit share they own.

This implies a value of $25.83 per Spirit share at Frontier’s closing stock price of $12.39 as seen on Feb 4.

The investigation is to see whether Frontier is paying too little for the company and whether the Spirit board failed to conduct a fair process, especially with the deal being well below the 52-week high of $40.77 for Spirit’s shares.

This is a developing story.