Block & Leviton LLP Investigates Fortune Industries, Inc. For Possible Breaches Of Fiduciary Duties In A Going Private Transaction
BOSTON, March 27, 2012 /PRNewswire/ -- Block & Leviton LLP, a Boston based law firm representing investors nationwide, is investigating possible breaches of fiduciary duties by the Board of Directors of Fortune Industries, Inc. ("Fortune" or the "Company") (NYSEAMEX: FFI) concerning an offer by the Company's management team to shift control of the Company from the public to management.
Under the terms of the offer, which has already been approved by Fortune's Board of Directors, shareholders who own less than 500 shares will receive $0.61 for each share whereas shareholders who own more than 500 shares, will receive an equivalent number of shares in the new company, for which there is not expected to be a public trading market and the new company will no longer file disclosure documents with the Securities and Exchange Commission.
The investigation centers on whether Fortune's Board of Directors has agreed to sell the Company to management at an unfair price and on unfair terms and conditions. If you own less than 500 shares of common stock in Fortune, you may receive less than the fair value of your stock and if you own more than 500 shares, you may become a minority shareholder in a private company. Please contact us if you have any questions and are interested in learning more about how to protect your rights, or if you have information regarding this transaction.
BLOCK & LEVITON LLP Jeffrey C. Block firstname.lastname@example.org (617) 398-5600The attorneys at Block & Leviton have more than 50 years of experience in representing individual and institutional investors in shareholder rights actions. This may constitute attorney advertising. SOURCE Block & Leviton LLP
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