NEW YORK, July 26, 2016 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Yadkin Financial
Corp. ("YDKN" or the "Company") in connection with the proposed
acquisition of the Company by F. N. B. Corporation ("FNB").
On July 21, 2016, the Company
announced that it had reached a definitive agreement for FNB to
acquire all outstanding shares of YDKN in a transaction valued at
$1.4 billion. Under the terms
of the agreement, YDKN shareholders will receive "approximately"
$27.35 in cash for each YDKN share
they own.
WeissLaw is investigating whether YDKN's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $29.00 per share. Additionally, on
July 21, 2016, the same day as the
acquisition announcement, the Company issued a press release
announcing "record earnings in the second quarter 2016." It
reported net income of $17.4 million,
or $0.34 per diluted share, compared
with the $0.20 per diluted share
reported in the previous period.
Given these facts, WeissLaw is investigating whether YDKN's
Board acted in the best interests of YDKN's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own YDKN shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin 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/.
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SOURCE WeissLaw LLP
