We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Life Storage, Inc. (“Life Storage” or the “Company”) (NYSE: LSI), in connection with the proposed acquisition of the Company by Extra Space Storage Inc. (NYSE: EXR) (“Extra Space”).  Under the terms of the merger agreement, the Company’s shareholders will receive 0.8950 shares of Extra Space common stock for each share of Life Storage common stock owned, representing implied per-share consideration of $128.28 based upon Extra Space’s June 14, 2023 closing price of $143.32.  Upon completion of the transaction, Extra Space shareholders will own 65% of the combined company, while Life Storage shareholders will only own 35%.  The transaction is valued at approximately $47 billion.

Weiss Law is investigating whether (i) Life Storage’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the per share merger consideration adequately compensates Life Storage’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.

Weiss Law 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-trus tviolations, please email us at stockinfo@weisslawllp.com

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