Brodsky & Smith Investigates CrossFirst Bankshares and Arch Resources

On September 6, 2024, Brodsky & Smith announced investigations into several companies, including CrossFirst Bankshares and Arch Resources, due to potential breaches of fiduciary duties by their boards. CrossFirst is set to be acquired by First Busey Corporation, with shareholders receiving 0.6675 shares of Busey for each share of CrossFirst. Concerns have been raised regarding whether this transaction offers fair value to CrossFirst shareholders, as the board may not have conducted a fair process. Similarly, Arch Resources is in the process of being acquired by CONSOL Energy Inc., with a fixed exchange ratio of 1.326 shares of CONSOL for each share of Arch. The investigation focuses on whether the Arch board acted in the best interests of its shareholders and if the deal represents fair value. Upon completion, Arch stockholders will own approximately 45% of the combined entity, raising questions about the fairness of the exchange ratio. Additionally, Cyclo Therapeutics is set to merge with Rafael Holdings, which will issue shares based on an exchange ratio valuing Cyclo shares at $0.95, significantly below its 52-week high of $2.12. This has prompted scrutiny over the Cyclo board's decision-making process and whether they adequately protected shareholder interests. Brodsky & Smith, a law firm specializing in shareholder representation, is urging investors to discuss these investigations, emphasizing that there is no financial obligation for those who reach out. The firm aims to ensure that shareholders receive fair treatment in these significant corporate transactions.