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Do you own shares of Washington Banking Company (NASDAQ GS: WBCO)?
Did you purchase any of your shares prior to October 24, 2013?
Do you think the proposed buyout price is too low?
Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Washington Banking Company (“Washington Banking” or the “Company”) (NASDAQ GS:
WBCO) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Heritage Financial Corporation (“Heritage”) (NASDAQ GS:
HFWA) in a transaction valued at approximately $265.1 million.
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Under the terms of the agreement, public shareholders of Washington Banking would receive a combination of 0.8900 shares of Heritage common stock and $2.75 in cash for each share of Washington Banking they own. Based on Heritage’s closing stock price on October 23, 2013, Washington Banking shareholders would have received consideration valued at approximately $16.89 per share.
The investigation concerns whether Washington Banking’s board of directors failed to adequately shop the Company and obtain the best possible value for Washington Banking’s shareholders before entering into an agreement with Heritage. According to Yahoo! Finance, at least one analyst has set a price target for Washington Banking stock at $17.00 per share.
If you own the common stock of Washington Banking and purchased your shares before October 24, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth Rigrodsky or Gina Serra at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888) 969-4242; by e-mail to
email@example.com, or at:
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.