BALA CYNWYD, Pa., June 30, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of J. Alexander's Corporation ("JAX" or the "Company") (Nasdaq: JAX) relating to the proposed acquisition by Fidelity National Financial, Inc. ("Fidelity National"). Under the terms of the transaction, JAX shareholders would receive either $12.00 in cash or a combination of $3.00 in cash and one share of Class A common stock of American Blue Ribbon Holdings, Inc., a newly formed, majority owned subsidiary of Fidelity National for each share of JAX stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of JAX for not acting in the Company's shareholders' best interests in connection with the sale process to Fidelity National. JAX has reported strong operating results for the first quarter of the fiscal year of 2012. For example, the Company reported a 116% increase in diluted earnings per share for the first quarter of fiscal year 2012 compared to the same quarter of the previous year. Based on these impressive financial results, the investigation focus is on the Board's decision to sell at this price. If you own shares of JAX stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org visiting http://brodsky-smith.com/442-jax-j-alexanders-corporation.html, or by calling toll free 877-LEGAL-90. SOURCE Brodsky & Smith, LLC
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.