NEW YORK, June 29, 2017 /PRNewswire/ -- The proposed acquisition of Four Oaks Fincorp Inc. ("FOFN" or the "Company") ("OTCQX: FOFN) by United Community Banks, Inc. ("United") ("NASDAQ: UCBI) is the subject of an investigation by WeissLaw LLP, a national class action, shareholders rights law firm. On June 27, 2017, FOFN and United jointly issued a press release announcing the acquisition of the Company by United. Under the terms of the agreement, the Company's shareholders will receive $1.90 in cash and 0.6178 of a share of United for each FOFN share they own.
WeissLaw is investigating whether FOFN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, FOFN recently announced positive financial results for the first quarter of fiscal year 2017; reporting an incredible 43% year-over-year increase in net income, and a $16.8 million period-over-period increase in total assets.
Moreover, the acquisition is a strategic and financially attractive deal for United. This point was highlighted by United's Chairman and CEO who underscored the many benefits his company will gain from the transaction, including:
- Strengthening United's growth strategy into new and fast growing markets;
- Expanding United's presence in the Raleigh MSA market; and
- Leveraging FOFN's reputation as a "105-year old, highly respected community bank" to springboard United's growth and success;
Given these facts, WeissLaw is investigating whether FOFN's shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own FOFN shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/four-oaks-fincorp-inc/
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SOURCE WeissLaw LLP