First Security Group Inc (NASDAQ:FSGI) Investor Investigation Concerning Potential Wrongdoing In Acquisition Announced

If you purchased shares of First Security Group Inc (NASDAQ:FSGI) and currently hold any of those NASDAQ:FSGI shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
First Security Group
Affected Securities: 

May 19, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of First Security Group Inc (NASDAQ:FSGI), was announced concerning whether the takeover of First Security Group Inc. by Atlantic Capital Bancshares, Inc for a value of approximately $2.35 per share is unfair to NASDAQ:FSGI stockholders.

The investigation by a law firm concerns whether certain officers and directors of First Security Group Inc breached their fiduciary duties owed to NASDAQ:FSGI investors in connection with the proposed acquisition.

On March 25, 2015, Atlantic Capital Bancshares, Inc. and First Security Group Inc (NASDAQ:FSGI) announced the signing of a merger agreement pursuant to which Atlantic Capital Bancshares will acquire First Security Group Inc. Under terms of the merger agreement, Atlantic Capital Bancshares will purchase First Security Group Inc for total consideration of approximately $160 million First Security Group Inc (NASDAQ:FSGI) shareholders may elect cash equal to $2.35 per share, stock based on a fixed exchange ratio of 0.188 shares of Atlantic Capital Bancshares common stock for each First Security Group Inc (NASDAQ:FSGI) share or any combination thereof.

However, given that at least one analyst has set the high target price for NASDAQ:FSGI shares at $2.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:FSGI stockholders. More specifically, the investigation concerns whether the First Security Group Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.