Newman Ferrara LLP is investigating potential claims against the board of directors of 1st United Bancorp, Inc. (“1st United”) (Nasdaq: FUBC) concerning the proposed sale of 1st United to Valley National Bancorp (“Valley”) (NYSE: VLY).
On May 8, 2014, 1st United announced that it had entered into an agreement and plan of merger to be acquired by Valley pursuant to which, 1st United shareholders will receive 0.89 of a share of Valley common stock for each share of 1st United stock owned. Based on the closing price of Valley stock on May 7, 2014, the proposed merger would provide implied value to 1st United shareholders of only $8.69 for each share of 1st United stock owned.
Newman Ferrara’s investigation concerns whether 1st United’s Board of Directors has breached its fiduciary duties to act in the best interests of 1st United’s stockholders. The investigation focuses on the potential unfairness of the consideration being provided to 1st United’s stockholders and the process by which 1st United’s Board of Directors considered and approved the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies.Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.