Rigrodsky & Long, P.A. Announces Investigation of BBX Capital Corporation (formerly BankAtlantic Bancorp) Buyout
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of BBX Capital Corporation (“BBX” or the “Company”) (NYSE: BBX) (formerly BankAtlantic Bancorp) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by BFC Financial Corporation (“BFC”) (OTC QB: BFCF) in a transaction valued at approximately $98 million.
Under the terms of the agreement, public shareholders of BBX will receive 5.39 shares of BFC’s Class A common stock for each share of BBX they own. Based upon BFC’s closing stock price of $2.49 on May 8, 2013, BBX shareholders would have received consideration valued at approximately $13.42 per share.
The investigation concerns whether BBX’s board of directors failed to adequately shop the Company and obtain the best possible value for BBX’s shareholders before entering into an agreement with BFC.
If you own the common stock of BBX and purchased your shares before May 7, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Olga Pettigrew or Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888) 969-4242.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
So what !! Lawyers are like sharks looking for their next meal and meal ticket. People that get involved in these types of actions will get pennies while the attorneys get thousands of hours of billeable hours and all of the settlement.