FRANKLIN FINANCIAL CORPORATION INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Franklin Financial Corporation Over the Proposed Sale of the Company to TowneBank
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Franklin Financial Corporation (“Franklin” or the “Company”) (Nasdaq: FRNK) for potential breaches of fiduciary duties in connection with the sale of the Company to TowneBank (“TowneBank”) for approximately $275 million. The Company’s stockholders will receive 1.40 shares of TowneBank common stock for each share of Franklin common stock they own. This only represents an approximate value of $23.04 per share.
The investigation focuses on whether Franklin’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Franklin’s shareholders.
If you own common stock in Franklin and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.