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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Fogo de Chão, Inc. (NASDAQ: FOGO) to affiliates of Rhône Capital for $15.75 per share. Insiders collectively holding more than 60% of Fogo’s shares have agreed to tender their shares.
The investigation concerns whether the Board of Fogo breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Rhône Capital is underpaying for Fogo shares, thus unlawfully harming Fogo shareholders.
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