SAN DIEGO, March 26, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson & Fistel, LLP has launched an investigation into whether the board members of The Finish Line, Inc. (NASDAQ: FINL) ("Finish Line") breached their fiduciary duties in connection with the proposed sale of the Company to JD Sports Fashion Plc. ("JD Sports").
The Finish Line, Inc., together with its subsidiaries, operates as a retailer of athletic shoes, apparel and accessories for men, women and kids in the United States. The Company offers athletic shoes, as well as an assortment of apparel and accessories of Nike, Brand Jordan, Adidas, Under Armour, Puma and other brands.
On March 26, 2018, Finish Line announced it had signed a definitive merger agreement with JD Sports. Under the terms of the transaction, Finish Line shareholders will receive $ 13.50 in cash.
The investigation concerns whether Finish Line's board failed to satisfy their duties to the Company's shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company's shares of common stock.
Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given that one Wall Street analyst has a $17.00 price target on the stock. The 52-week high for Finish Line was $16.38. Additionally, Finish line has over $77million in cash and no long-term debt.
If you are a shareholder of Finish Line and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonFistel.com) at 619-814-4471.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP