Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Avenue Financial Holdings, Inc. (NASDAQ: AVNU) breached their fiduciary duties in connection with the proposed sale of the Company to Pinnacle Financial Partners, Inc.
Additional Information:
Avenue Financial Holdings, Inc. operates as
the bank holding company for Avenue Bank that provides various financial
services.
On January 28, 2016, Avenue announced it had signed a definitive merger agreement with Pinnacle. Under the terms of the agreement, Avenue shareholders would receive 0.36 shares of Pinnacle common stock and $2.00 in cash for each share of Avenue common stock. The transaction is currently valued at approximately $201.4 million based on Pinnacle’s 10-day average closing price through Jan. 28, 2016. Avenue shareholders will be subject to the future volatility and price fluctuation of Pinnacle’s stock.
The investigation concerns whether Avenue’s board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Avenue’s shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given Wall Street analysts’ projections for Avenue’s promise of future growth.
If you are a shareholder of Avenue and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonandweaver.com) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160129005440/en/
Contacts:
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
