|By PR Newswire||
|November 7, 2012 07:20 PM EST||
SAN DIEGO, Nov. 7, 2012 /PRNewswire/ -- Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of First California Financial Group, Inc. (NASDAQ: FCAL) in connection with their efforts to sell the company to PacWest Bancorp (NASDAQ: PACW). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
On November 6, 2012, First California and PacWest announced that they had entered into a definitive merger agreement under which PacWest will acquire First California through a stock-for-stock transaction. The total value of the deal is approximately $231 million based on First California's closing stock price on November 6, 2012. Under the terms of the deal, holders of First California common stock will receive PacWest stock valued at $8.00 for each share they own. Based on PacWest's closing stock price of $22.27 on November 5, 2012, First California stockholders will receive 0.3592 of a share of PacWest common stock for each share of First California common stock. The acquisition has already been approved by the board of directors of First California. The transaction is expected to close in the first quarter of 2013.
Robbins Umeda LLP's investigation focuses on whether the members of the board of directors of First California are undertaking a fair process to obtain the maximum value possible for shareholders, or, instead, seeking to benefit themselves. Notably, following the completion of the merger, two directors from the board of directors of First California will join PacWest's board of directors. Further, on October 25, 2012, First California reported its results for the third quarter of its 2012 fiscal year. For the quarter, the company reported net income of $3.5 million for the third quarter of fiscal 2012, a 40% increase over the company's net income of $2.5 million for the same quarter a year ago. Given these financial results, Robbins Umeda LLP is examining the board of directors' decision to sell First California now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
Robbins Umeda LLP attorneys highlight that First California shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
Attorney Advertising. Past results do not guarantee a similar outcome.
SOURCE Robbins Umeda LLP
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