Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of J. Alexander’s Corp. (“JAX”) (NasdaqGM: JAX) to Fidelity National Financial, Inc. for shareholders. Under the proposed transaction, JAX shareholders will only receive either $12.00 in cash or a combination of $3.00 in cash and one share of American Blue Ribbon Holdings, Inc. Class A common stock, a newly formed company. If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The proposed transaction is valued at approximately $72 million. The investigation centers on whether JAX shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues JAX stock, and whether JAX’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. “Due to the lack of a significant premium to the shareholders and other factors, we believe that the transaction may undervalue JAX stock. Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe. The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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.