Levi & Korsinsky is investigating the Board of Directors of Fortune Industries, Inc. (“Fortune Industries” or the “Company”) (AMEX: FFI) for possible breaches of fiduciary duty and other violations of state law in connection with a management buyout transaction with CEP, Inc., a holding company owned by a management-led group including Fortune Industries’ CEO Tena Mayberry, and its CFO Randy Butler. Under the terms of the transaction, Chairman and majority shareholder Carter M. Fortune will sell his Series C Preferred shares to CEP, upon which they will be converted to common stock. Fortune Industries shareholders who own 501 or more shares of Fortune Industries stock will receive an equivalent number of shares in the post-merger company, while shareholders who own 500 shares or less will receive $0.61 per share upon completion of the merger.
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The investigation concerns whether the Fortune Industries Board of Directors breached their fiduciary duties Fortune Industries stockholders by entering into this management buyout transaction. Upon completion of the merger, Fortune Industries intends to voluntarily withdraw its securities from listing and registration with the SEC.
If you own common stock in Fortune Industries and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at
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