MICROFINANCIAL SHAREHOLDER ALERT – Buyout Of MicroFinancial Inc. – National Securities Law Firm Seeks Higher Price For Shareholders. Encourages Shareholders To Contact Law Firm For More Information
December 15, 2014
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of MicroFinancial Inc. (NASDAQ: MFI) (“MicroFinancial” or the “Company”) on behalf of its’ shareholders. MicroFinancial announced that it has entered into an agreement to be acquired by funds managed by affiliates of Fortress Investment Group LLC. Under the terms of the agreement, MicroFinancial stockholders will receive $10.20 per share in cash.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors and senior management of MicroFinancial for not acting in MicroFinancial shareholders’ best interests in connection with the sale process of MicroFinancial. The investigation seeks to determine if there was an adequate auction process and if Fortress is underpaying for MicroFinancial shares. Indeed, the buyout price is less than the stock price the company’s shares reached during intra-day trading earlier this year, and is less than 1.6 times the Company’s book value per share ($6.44). The investigation further concerns whether the senior management of MicroFinancial may have acted in their own self-interests in selling the company to Fortress.
If you are a shareholder of MicroFinancial and would like additional information as to how the acquisition may affect your rights as a shareholder, and how you may be eligible to obtain a higher price for your shares, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliate, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the “50 Elite Trial Lawyer Firms” and one of the “50 Leading Plaintiff Firms in America.” Attorney advertising. Prior results do not indicate a similar outcome.