Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of American Perspective Bank (“American Perspective” or “APBA”) (OTCBB: APBA) to Umpqua Holdings Corporation (NASDAQ: UMPQ), parent company of Umpqua Bank and Umpqua Investments, Inc., for shareholders. Under the proposed buyout, APBA shareholders will receive $10.00 per share in cash.
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 a cash transaction with a total value of approximately $44.7 million. The transaction is expected to close in mid-2012.
According to shareholder rights attorney Willie Briscoe, “The investigation relates to the fairness of the proposed transaction to APBA shareholders and whether the Board of Directors is adequately shopping the company in order to obtain the best possible price for the shareholders. In addition, the firms are actively investigating possible breaches of fiduciary duty and other violations of state law by the Board of Directors of APBA in connection with the potential approval of this transaction, and whether APBA’s Board of Directors is acting in the shareholders’ best interests.”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.