Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, Case No. 1:20-cv-02941 on behalf of shareholders of Legg Mason, Inc. (“Legg Mason” or the “Company”) (NYSE:LM) who have been harmed by Legg Mason’s and its board of directors’ (the “Board”) alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with the proposed merger of the Company with Franklin Resources, Inc. (the “Proposed Transaction”).
On February 17, 2020, the Board caused the Company to enter into an agreement and plan of merger under which Legg Mason shareholders stand to receive $50.00 in cash for each share of Legg Mason stock they own.
The complaint alleges that the Form PREM14A Preliminary Proxy Statement filed with the Securities and Exchange Commission violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company’s financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to Legg Mason shareholders.
If you wish to serve as lead plaintiff, you must move the Court no later than June 22, 2020. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you wish to obtain information concerning this action, you can do so by filling out the form below.
Legg Mason, Inc. (LM)
* The submission of this form does not create an attorney-client relationship.
Filed on 04/22/2020
Court Southern District of New York
Lead Plaintiff Deadline 06/22/2020
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
James M. Wilson, Jr. firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331