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BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Syneos Health, Inc. (Nasdaq – SYNH), Franchise Group, Inc. (Nasdaq – FRG), CTI BioPharma Corp. (Nasdaq – CTIC), Ruth’s Inc. (Nasdaq – RUTH)

By: Brodsky & Smith LLC via GlobeNewswire

May 10, 2023 at 12:46 PM EDT

BALA CYNWYD, Pa., May 10, 2023 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.

Syneos Health, Inc. (Nasdaq – SYNH)

Under the terms of the Merger Agreement, Syneos will be acquired by a consortium of private investment firm affiliates composed of Elliott Investment Management (“Elliott”), Patient Square Capital (“Patient Square”), and Veritas Capital (“Veritas”) for $43.00 per share in cash in a transaction valued at approximately $7.1 billion, including outstanding debt. The investigation concerns whether the Syneos Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the consortium is paying too little for the Company. For example, the deal consideration is below the 52-week high of $79.77 for the Company’s shares.

Additional information can be found at https://www.brodskysmith.com/cases/syneos-health-inc-nasdaq-synh/.

Franchise Group, Inc. (Nasdaq – FRG)

Under the terms of the Merger Agreement, Franchise Group will be acquired by members of the senior management team of Franchise Group in financial partnership with a consortium that includes B. Riley Financial, Inc. and Irradiant Partners. The buyers will acquire the approximately 64% of the Company’s issued and outstanding common stock that the management team does not presently own or control. Under the terms of the proposed merger, Franchise Group common stockholders, other than the referenced management team will receive $30.00 in cash for each share of Franchise Group common stock they hold. The transaction has an enterprise value of approximately $2.6 billion, including the Company’s net debt and outstanding preferred stock.

The investigation concerns whether the Franchise Group Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the buyers are paying too little for the Company. For example, the deal consideration is below the 52-week high of $44.25 for the Company’s shares.

Additional information can be found at https://www.brodskysmith.com/cases/franchise-group-inc-nasdaq-frg/.

CTI BioPharma Corp. (Nasdaq – CTIC)

Under the terms of the agreement, CTI will be acquired by Swedish Orphan Biovitrum AB (“Sobi”) for $9.10 cash per share of CTI stock, representing an implied equity value of approximately $1.7 billion. The investigation concerns whether the CTI Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Sobi is paying too little for the Company.

Additional information can be found at https://www.brodskysmith.com/cases/cti-biopharma-corp-nasdaq-ctic/.

Ruth’s Inc. (Nasdaq – RUTH)

Under the terms of the agreement, Ruth’s will be acquired by Darden Restaurants, Inc. (“Darden”) (NYSE - DRI). Ruth’s shareholders will receive $21.50 in cash for each share of Ruth’s they own for a total equity value of approximately $715 million. The investigation concerns whether the Ruth’s Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Darden is paying too little for the Company.

Additional information can be found at https://www.brodskysmith.com/cases/ruths-inc-nasdaq-ruth/.

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

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BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Syneos Health, Inc. (Nasdaq – SYNH), Franchise Group, Inc. (Nasdaq – FRG), CTI BioPharma Corp. (Nasdaq – CTIC), Ruth’s Inc. (Nasdaq – RUTH)

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