(LM) Alert: Johnson Fistel Investigates Proposed Sale of Legg Mason, Inc.; Is $50.00 a Fair Price?

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Feb 18, 2020, 08:54 ET

SAN DIEGO, Feb. 18, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Legg Mason, Inc. [NYSE: LM] ("Legg Mason") breached their fiduciary duties in connection with the proposed sale of the Company to Franklin Resources, Inc. ("Franklin Resources") [NYSE: BEN].

On February 18, 2020, Legg Mason announced that it had signed a definitive merger agreement with Franklin Resources. Under the terms of the merger agreement, Legg Mason shareholders will receive $50.00 in cash per share.

The investigation concerns whether the Legg Mason board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Legg Mason shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings growth.

If you are a shareholder of Legg Mason and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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SOURCE Johnson Fistel, LLP