NEW YORK, April 22, 2020 /PRNewswire/ -- 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 obtain information concerning this action, you can do so by clicking here: www.faruqilaw.com/LM.
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. Faruqi & Faruqi, LLP, was founded in 1995 and the firm maintains its principal office in New York City, with offices in Delaware, California, Georgia, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. 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 discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
SOURCE Faruqi & Faruqi, LLP