NEW YORK, Feb. 4, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Avenue Financial
Holdings, Inc. ("AVNU" or the "Company") in connection with the
proposed acquisition of the Company by Pinnacle Financial Partners,
Inc. ("Pinnacle"). On January 28,
2016, AVNU and Pinnacle jointly announced the proposed
acquisition of AVNU, pursuant to which AVNU shareholders will
receive 0.36 shares of Pinnacle and $2.00 in cash for each AVNU share they own.
WeissLaw is investigating whether AVNU's Board acted to maximize
shareholder value prior to entering into the agreement. The
Company has enjoyed impressive financial results. Notably, on
the same day of acquisition announcement, AVNU issued a separate
press release announcing "Record Fourth Quarter and 2015
[Financial] Results." The Company reported earnings per share
of $0.21 in the fourth quarter of
2015, as compared with $0.15 in the
previous year, representing an increase of 40%
year-over-year. AVNU also announced a 27.9% year-over-year
increase in net income for fiscal year 2015, and a remarkable 71.4%
year-over-year increase in net income for the fourth quarter of
2015.
Given these facts, WeissLaw is investigating the AVNU Board of
Directors' decision to sell AVNU and whether AVNU shareholders will
obtain their fair proportionate share of the Company's continued
success and future growth prospects. If you own AVNU shares
and would like more information about your rights or our
investigation, please contact Joshua
Rubin either by telephone at (888) 593-4771 or by
email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/the-acquisition-of-avenue-financial-holdings-inc-may-not-be-in-the-best-interests-of-avnu-shareholders-300215381.html
SOURCE WeissLaw LLP