The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of J. Alexander's Corporation (NASDAQ: JAX) (“J. Alexander”) and other violations of state law by the board of directors of J. Alexander relating to the proposed acquisition of the company by Fidelity National Financial, Inc. (“FNF”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value. On June 25, 2012, FNF announced that it had entered into a definitive agreement providing for FNF to acquire J. Alexander for approximately $72 million. Under the terms of the merger agreement, J. Alexander shareholders may elect to receive $12 in cash for each share of J. Alexander common stock held or a combination of $3 in cash and one share of Class A common stock of American Blue Ribbon Holdings, Inc., a newly formed, majority owned subsidiary of FNF. If you currently own shares of J. Alexander 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.
Shares of J. Alexander's Corporation (Nasdaq:JAX) have taken a tremendous swing upward. The stock is trading at $9 as of 9:30 a.m. ET, 30.4% above Thursday's closing price of $6.90. Volume is at 13,800, 0.8 times the daily average of 17,900.