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Four Oaks Fincorp (NASDAQ:FOFN) major shareholder Kenneth R. Lehman acquired 15,125,000 shares of the stock on the open market in a transaction that occurred on Friday, August 15th. The shares were purchased at an average cost of $1.00 per share, for a total transaction of $15,125,000.00. Following the purchase, the insider now directly owns 16,000,000 shares of the company’s stock, valued at approximately $16,000,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of Four Oaks Fincorp (NASDAQ:FOFN) opened at 1.38 on Wednesday. Four Oaks Fincorp has a 52 week low of $1.11 and a 52 week high of $3.00. The stock has a 50-day moving average of $1.28 and a 200-day moving average of $1.81. The company has a market cap of $12.3 million and a P/E ratio of 3.33.

Four Oaks Fincorp, Inc is a bank holding company. The Company’s primary function is to serve as the holding company for its wholly owned subsidiaries, Four Oaks Bank & Trust Company (NASDAQ:FOFN) and Four Oaks Mortgage Services, LLC.

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