NEW YORK, July 26, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Yadkin Financial Corp. ("YDKN" or the "Company") in connection with the proposed acquisition of the Company by F. N. B. Corporation ("FNB"). On July 21, 2016, the Company announced that it had reached a definitive agreement for FNB to acquire all outstanding shares of YDKN in a transaction valued at $1.4 billion. Under the terms of the agreement, YDKN shareholders will receive "approximately" $27.35 in cash for each YDKN share they own.
WeissLaw is investigating whether YDKN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $29.00 per share. Additionally, on July 21, 2016, the same day as the acquisition announcement, the Company issued a press release announcing "record earnings in the second quarter 2016." It reported net income of $17.4 million, or $0.34 per diluted share, compared with the $0.20 per diluted share reported in the previous period.
Given these facts, WeissLaw is investigating whether YDKN's Board acted in the best interests of YDKN's public shareholders to maximize shareholder value prior to entering into the agreement. If you own YDKN 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 protected].
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 [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP