Malon v. Franklin Financial Corporation et al

Filing 31

MEMORANDUM OPINION Signed by Magistrate Judge Roderick C. Young on 11/06/2014. (sbea, )

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. § 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