DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP are investigating potential claims against the Board of Directors of Franklin Financial Corporation (“Franklin”) (NasdaqGS: FRNK) concerning the acquisition by TowneBank. Under the terms of the definitive merger agreement, valued at approximately $275 million, Franklin shareholders will only receive 1.40 shares of TowneBank per Franklin share owned. The consideration equals $23.04 based on TowneBank’s previous closing price, which is well below at least one analyst’s estimated value of $24 per share.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to the determination of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via email at shareholder@powerstaylor.com. There is no cost or fee to you.
The investigation centers on whether Franklin’s Board of Directors is acting in the shareholders’ best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
