NEW YORK, Oct. 25, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of First Advantage Bancorp ("FABK" or the "Company") (FABK) in connection with the proposed acquisition of the Company by Reliant Bancorp, Inc. ("RBNC"). Under the terms of the acquisition agreement, FABK shareholders will receive 1.17 shares of RBNC and $3.00 in cash for each FABK share they own, representing consideration of $29.45 based on RBNC's October 23 closing price.
If you own FABK shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether FABK's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, RBNC hopes to leverage the acquisition of FABK to drastically improve its market positioning. According to the acquisition announcement, "[t]he transaction is expected to position [RBNC] as the second largest bank in Montgomery County, Tennessee, and the third largest bank in the Clarksville, TN-KY Metropolitan Statistical Area , based upon most recent FDIC deposit market share data." Moreover, the deal is expected to be 18% accretive to fully diluted earnings per share in 2021.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
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 email@example.com
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