MONSEY, N.Y., Feb. 27, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Focus Financial Partners, Inc. (Nasdaq: FOCS) (“Focus”) acted in the best interests of Focus shareholders in approving the sale of Focus to Clayton, Dubilier & Rice (“CDR”) for $53.00 per share in cash upon the recommendation of a special committee of purportedly independent directors.
If you remain a Focus shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/focus-financial-partners/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On February 27, 2023, Focus announced that it had agreed to be acquired by CDR for $53.00 per share in cash. The agreement has been approved by the Focus board of directors (“Board”) upon the recommendation of a special committee of purportedly independent directors.
According to the announcement, funds managed by Stone Point Capital LLC (“Stone Point”) have agreed to retain a portion of their investment in Focus and provide new equity financing as part of the proposed transaction. According to the 2022 Annual Proxy filed by Focus, Stone Point owned 11.9% of Focus’ Class A Common Stock, and 71.1% of Focus’ Class B Common Stock, as of March 31, 2022.
“We are investigating whether Focus’s Board acted in the best interests of Focus shareholders in approving the sale,” explained Joshua Fruchter, a partner at Wohl & Fruchter. “This includes whether the members of the Special Committee that recommended the transaction were truly independent of Stone Point, whether the acquisition price adequately compensates Focus shareholders, and whether all material information regarding the transaction has been fully disclosed.”
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
