BALA CYNWYD, Pa., July 24, 2014 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Franklin Financial Corporation ("Franklin Financial" or the "Company") (Nasdaq: FRNK) relating to the proposed acquisition by TowneBank.
Click here to learn more about the investigation http://brodsky-smith.com/796-frnk-franklin-financial-corporation.html, or call: 877-534-2590. There is no cost or obligation to you.
Under the terms of the transaction, Franklin Financial shareholders will receive only 1.40 shares of TowneBank stock and for each share of Franklin Financial stock they own. The transaction represents a value of only approximately $23.04 per share.The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Franklin for not acting in the Company's shareholders' best interests in connection with the sale process.
The transaction may undervalue the Company and represents no real premium for many Franklin Financial shareholders. For example, Franklin Financial recently traded at $23.42 on July 1, 2014. In addition the transaction appears to be a capital raise for TowneBank due to Franklin Financial's strong capital base. As of March 31, 2014, Franklin Financial had total deposits of $671 million and net loans of $555 million. The Company's capital ratios are among the strongest in the nation.
If you own shares of Franklin Financial common stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, by visiting http://brodsky-smith.com/796-frnk-franklin-financial-corporation.html, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and case action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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