The Acquisition of Avenue Financial Holdings, Inc. May Not Be in the Best Interests of AVNU Shareholders

Feb 04, 2016, 11:22 ET from WeissLaw LLP

NEW YORK, Feb. 4, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Avenue Financial Holdings, Inc. ("AVNU" or the "Company") in connection with the proposed acquisition of the Company by Pinnacle Financial Partners, Inc. ("Pinnacle").  On January 28, 2016, AVNU and Pinnacle jointly announced the proposed acquisition of AVNU, pursuant to which AVNU shareholders will receive 0.36 shares of Pinnacle and $2.00 in cash for each AVNU share they own.

WeissLaw is investigating whether AVNU's Board acted to maximize shareholder value prior to entering into the agreement.  The Company has enjoyed impressive financial results.  Notably, on the same day of acquisition announcement, AVNU issued a separate press release announcing "Record Fourth Quarter and 2015 [Financial] Results."  The Company reported earnings per share of $0.21 in the fourth quarter of 2015, as compared with $0.15 in the previous year, representing an increase of 40% year-over-year.  AVNU also announced a 27.9% year-over-year increase in net income for fiscal year 2015, and a remarkable 71.4% year-over-year increase in net income for the fourth quarter of 2015. 

Given these facts, WeissLaw is investigating the AVNU Board of Directors' decision to sell AVNU and whether AVNU shareholders will obtain their fair proportionate share of the Company's continued success and future growth prospects.  If you own AVNU shares and would like more information about your rights or our investigation, please contact Joshua Rubin either by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.

 

SOURCE WeissLaw LLP



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