Juan E. Monteverde
, a partner at
Faruqi & Faruqi, LLP
, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Washington Banking Company (“Washington Banking” or the “Company”) (WBCO) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Heritage Financial Corporation (HFWA) in a cash and stock deal valued at approximately $265.1 million. Under the terms of the proposed transaction, Washington Banking stockholders will receive 0.89000 shares of Heritage common stock and $2.75 in cash for each share of Washington Banking common stock they own. The consideration value per share for Washington Banking was $16.89 based on the closing price of Heritage common stock of $15.89 on October 23, 2013.
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The investigation focuses on whether Washington Banking’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Washington Banking’s shareholders.
Faruqi & Faruqi, LLP
is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Washington Banking Company and wish to obtain additional information and protect your investments free of charge, please visit us at
WBCO or contact Juan E. Monteverde, Esq. either via e-mail at
or by telephone at (877) 247-4292 or (212) 983-9330.
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