NEW YORK, Feb. 21, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Fortress Investment Group LLC (NYSE: FIG) ("FIG" or the "Company") in connection with the proposed acquisition of the Company by SoftBank Group Corp. ("SoftBank") for $3.3 billion. Under the terms of the agreement, the Company's shareholders will receive $8.08 in cash for each FIG share they own.
WeissLaw is investigating whether FIG's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results. It reported revenues of $261 million in the third quarter of 2016, representing an increase of $29 million or 12.5% when compared to the $232 million reported in the previous period. Additionally, the transaction is a strategic acquisition that heavily favors SoftBank and at the expense of FIG and its shareholders. According to the Wall Street Journal, "[t]he deal will make SoftBank one of the biggest alternative asset managers in the world. . . gain[ing] a global network of investors that could help it find and structure deals," which will ultimately accelerate growth.
Given these facts, WeissLaw is investigating whether FIG's Board acted in the best interests of FIG's public shareholders to maximize shareholder value prior to entering into the agreement. If you own FIG 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/fortress-investment-group-llc/
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SOURCE WeissLaw LLP
