Malon v. Franklin Financial Corporation et al, No. 3:2014cv00671 - Document 31 (E.D. Va. 2014)
Court Description: MEMORANDUM OPINION Signed by Magistrate Judge Roderick C. Young on 11/06/2014. (sbea, )
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Malon v. Franklin Financial Corporation et al Doc. 31 IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTIHCT OF VIRGINIA Richmond Division ANDREW MALON, individually and on behalfofall others similarly situated^ Plaintiff, Civil Action No. 3:14cv671 (HEH-RCY) FRANKLIN FINANCIAL CORPORATION, et al. Defendants. MEMORANDUM OPINION This matter comes before the Court for resolution of non-dispositive matters pursuant to 28 U.S.C. ยง 636(b)(1)(A) on Plaintiff Andrew Malon's Motion for Expedited Discoveryand Expedited Proceedings. (ECF No. 4). Having reviewed the parties' submissions, the Court GRANTS in part and DENIES in part Plaintiffs motion, for the reasons set forth below. I. BACKGROUND Plaintiff, a shareholder of Frsinklin Financial Corporation ("Franklin"), challenges a proposed transaction wherein TowneBank will acquire all outstandingshares of Franklin in a stockfor-stock transaction (the "Proposed Transaction"). Defendants, Franklin, Franklin Federal Savings Bank, Franklin's Board of Directors ("the Board"), and Townebank, support the Proposed Transaction. On October 24, 2014, Franklin filed a Definitive Proxy Statement ("Proxy") with the SEC. (PL's Reply Mem. in Further Supp. of PL's Mot. for Expedited Disc, and Expedited Proceedings ("PL's Reply Mem.") ECF No. 24, att. 2, Definitive Proxy Statement ("Proxy") ECF No. 24-2). In the Proxy, the Board unanimously recommended that Frginklin shareholders vote in Dockets.Justia.com
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