The securities litigation law firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty and other violations of state law by the board of
directors of Franklin Financial Corporation ("Franklin" or the
"Company") (NasdaqGS: FRNK) relating to the proposed buyout of the
Company by TowneBank ("TowneBank").
On July 15, 2014, TowneBank announced that it had entered into a
definitive agreement pursuant to which TowneBank will acquire Franklin.
Under the terms of the transaction, Franklin shareholders will receive
1.40 shares of TowneBank stock for each share of Franklin they own,
representing a value of $23.04 per share. According to Yahoo! Finance/i>,
at least one analyst has issued a price target for Franklin stock at
$24.00 per share.
The firm's investigation seeks to determine, among other things, whether
the Company's board of directors breached their fiduciary duties by
failing to maximize shareholder value before agreeing to enter into this
transaction, and whether TowneBank is underpaying for Franklin shares.
If you currently own common stock of Franklin and would like to learn
more about the investigation being conducted by Brower Piven, without
cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either
by email at firstname.lastname@example.org
or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s.
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