Robbins Umeda LLP Announces an Investigation of First California
Financial Group, Inc.
SAN DIEGO, Nov. 7, 2012 /PRNewswire/ -- Shareholder
rights firm Robbins Umeda LLP has commenced an investigation into
possible breaches of fiduciary duty and other violations of the law
by members of the board of directors of First California Financial
Group, Inc. (NASDAQ: FCAL) in connection with their efforts to sell
the company to PacWest Bancorp (NASDAQ: PACW). Concerned
shareholders who would like more information about their rights and
potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003,
info@robbinsumeda.com, or via the shareholder information form on
the firm's website.
(Logo:
http://photos.prnewswire.com/prnh/20111014/ROBBINSUMEDALOGO)
On November 6, 2012, First
California and PacWest announced that they had entered into a
definitive merger agreement under which PacWest will acquire First
California through a stock-for-stock transaction. The total
value of the deal is approximately $231
million based on First California's closing stock price on
November 6, 2012. Under the
terms of the deal, holders of First California common stock will
receive PacWest stock valued at $8.00
for each share they own. Based on PacWest's closing stock
price of $22.27 on November 5, 2012, First California stockholders
will receive 0.3592 of a share of PacWest common stock for each
share of First California common stock. The acquisition has
already been approved by the board of directors of First
California. The transaction is expected to close in the first
quarter of 2013.
Robbins Umeda LLP's investigation focuses on whether the members
of the board of directors of First California are undertaking a
fair process to obtain the maximum value possible for shareholders,
or, instead, seeking to benefit themselves. Notably,
following the completion of the merger, two directors from the
board of directors of First California will join PacWest's board of
directors. Further, on October 25,
2012, First California reported its results for the third
quarter of its 2012 fiscal year. For the quarter, the company
reported net income of $3.5 million
for the third quarter of fiscal 2012, a 40% increase over the
company's net income of $2.5 million
for the same quarter a year ago. Given these financial
results, Robbins Umeda LLP is examining the board of directors'
decision to sell First California now rather than allow
shareholders to continue to participate in the company's continued
success and future growth prospects.
Robbins Umeda LLP attorneys highlight that First California
shareholders have the option to file a class action lawsuit against
the company to secure the best possible price for the company's
shareholders and the disclosure of material information to
shareholders so they can vote on the transaction in an informed
manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/first-california-financial-group/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Contact:
Robbins Umeda LLP
Gregory E. Del Gaizo
info@robbinsumeda.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsumeda.com
SOURCE Robbins Umeda LLP