FirstCity Financial Shareholder Alert: Briscoe Law Firm And Powers Taylor, LLP Investigate Sale To Varde Partners

Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of FirstCity Financial Corp. (“FirstCity”) (NasdaqGS: FCFC) to certain funds managed by Varde Partners for shareholders. Under the terms of the proposed deal valued at approximately $225 million including debt, FirstCity shareholders will only receive $10.00 for each share of FirstCity stock owned.

If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com 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 FirstCity sale investigation centers on whether FirstCity’s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues FirstCity’s stock, and whether FirstCity’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Shareholder rights attorney Patrick Powers stated that “the proposed sale price, the size of the deal and other factors lead us to believe that this transaction may undervalue FirstCity’s stock. Our lawsuit will seek to obtain the highest share price for all shareholders.”

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.

Copyright Business Wire 2010

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