NEW YORK, Feb. 24, 2017 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of FBR & Co.
("FBRC" or the "Company") in connection with the proposed
acquisition of the Company by B. Riley Financial Inc. ("B. Riley").
Under the terms of the agreement, FBRC shareholders will
receive 0.671 of a share of B. Riley and a pre-closing cash
dividend of $8.50 for each share they
own, representing consideration of $18.90 based on B. Riley's February 23, 2017 closing price.
WeissLaw is investigating whether FBRC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the consideration is $1.58
lower than the Company's 52-week high of $20.48. Additionally, the acquisition
strengthens B. Riley's position in the industry, making it the
leading small cap investment bank and brokerage firm, a point
highlighted by B. Riley's Chairman and CEO when he expressed his
confidence in the deal, stating that "[FBRC]'s leadership in
investment banking and its sector coverage, combined with [] our
existing brokerage business, makes this a very powerful combination
for our clients."
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell FBRC and whether FBRC shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own
FBRC 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
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/fbr-co/
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/weisslaw-llp-fbr--co-acquisition-may-not-be-in-the-best-interests-of-fbrc-shareholders-300413320.html
SOURCE WeissLaw LLP
