Cincinnati, OH (PRWEB) April 14, 2012
The law firm of Statman, Harris & Eyrich, LLC announces that it is investigating whether the board of directors of Fortune Industries, Inc. (“Fortune” or the “Company”) potentially breached its fiduciary duty to current shareholders in connection with the proposed buyout of the Company by CEP, Inc. (“CEP”). CEP is a holding company owned by Fortune’s management, including its Chief Executive Officer Tena Mayberry and Chief Financial Officer Randy Butler.
Under the terms of the management buyout transaction agreement, announced by the Company on March 26, 2012, shareholders of Fortune who own 501 or more shares will receive an equivalent number of shares in the post-merger company; shareholders who own 500 or less shares will receive $0.61 per share. Additionally under the terms of the agreement, Carter M. Fortune, majority shareholder and chairman of Fortune, will sell all of his Series C preferred shares to CEP, which will then be converted to common stock and contributed to CEP. The investigation relates to whether the board of directors is acting in the shareholders’ best interests and adequately shopping the company in order to maximize shareholder value. There is not expected to be a public trading market, and the new company will no longer file disclosure documents with the Securities and Exchange Commission.
Shareholders of Fortune Industries, Inc. who are interested in learning more about this investigation and how to protect your rights are encouraged to contact attorney Brian Giles at (513) 345-8181 or at classaction(at)statmanharris(dot)com for further information about this investigation without any obligation or cost to you.
Statman, Harris & Eyrich, LLC, which has significant experience in consumer and securities fraud class actions and derivative litigation, has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. http://www.statmanharris.com Attorney advertising. Prior results do not guarantee similar outcomes.
Statman, Harris & Eyrich, LLC
Brian Giles, Esq.
441 Vine Street, Suite 3700
Cincinnati, Ohio 45202
Phone: (513) 345-8181