Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the merger of The Private Bank of California (“PBCA”) (OTCBB: PBCA) into Beach Business Bank, a wholly owned subsidiary of First PacTrust Bancorp for shareholders. Under the proposed transaction, PBCA shareholders will only receive approximately $13.00 per diluted share of PBCA 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 transaction is valued at approximately $50 million and is expected to close during the second quarter of 2013. As part of the transaction consideration, PBCA shareholders will receive 2,083,333 shares of First PacTrust common stock valued at approximately $25 million (at $12.00 per share).
The investigation centers on whether PBCA shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues PBCA stock, and whether PBCA’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. “Due to the lack of a significant premium to the shareholders and other factors, we believe that the transaction may undervalue PBCA stock. Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe.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.