Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Pacific Capital Bancorp (“Pacific Capital”) (NASDAQ: PCBC) to UnionBanCal Corporation for shareholders. Under the proposed transaction, PCBC shareholders will receive $46.00 in cash for each share of Pacific Capital/PCBC stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement involves an all cash transaction with a total equity value of approximately $1.5 billion. The deal is expected to close in the fourth quarter of 2012.
The investigation centers on whether Pacific Capital shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Pacific Capital stock, and whether Pacific Capital’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.