The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Fortune Industries, Inc. (NYSE Amex: FFI) (“Fortune Industries”) and other violations of state law by the board of directors of Fortune Industries relating to the proposed buyout of the company by CEP, Inc. (“CEP”), a holding company owned by Fortune Industries’ management including Fortune Industries' Chief Executive Officer Tena Mayberry and Chief Financial Officer Randy Butler. The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On March 26, 2012, Fortune Industries announced that it had entered into an agreement providing for CEP to acquire Fortune Industries. Under the terms of the management buyout transaction, shareholders of Fortune Industries who own 501 or more shares will receive an equivalent number of shares in the post-merger company and shareholders who own 500 shares or less will receive $0.61 per share. Additionally under the terms of the agreement, majority shareholder and Chairman of Fortune Industries, Carter M. Fortune, will sell all of his Series C Preferred shares to CEP.
If you currently own shares of Fortune Industries and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.