The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Center Financial Corporation in Connection with the Sale of the Company to Nara Bancorp, Inc. – CLFC

NEW YORK--(BUSINESS WIRE)--The Law Office of Abe Shainberg is investigating the Board of Directors of Center Financial Corporation (NasdaqGS: CLFC) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Nara Bancorp, Inc. (“Nara Bancorp”) (NasdaqGS: NARA). Under the terms of the proposed transaction, Center Financial shareholders will receive a fixed ratio of 0.7804 of a share of Nara Bancorp common stock in exchange for each share of Center Financial common stock they own. Based on the closing price on December 8, 2010, the transaction values Center Financial stock at $7.16 per share for a total transaction valued at approximately $285.7 million.

The investigation concerns whether the Center Financial Board of Directors breached their fiduciary duties to Center Financial stockholders by failing to adequately shop the Company before entering into this transaction and whether Nara Bancorp is underpaying for Center Financial shares. The median price target set by analysts for Center Financial stock is $8.25 per share with at least one analyst setting a price target of $9.00 per share.

If you own common stock in Center Financial and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at [e-mail] or by telephone at [phone], or visit http://www.ashainberglaw.com/center-financial.html.

Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.