NEW YORK--(BUSINESS WIRE)--WeissLaw LLP, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of First California Financial Group, Inc. (NASDAQ: FCAL) arising from its agreement for First California to be acquired by PacWest Bancorp (NASDAQ: PACW), in a stock-for-stock deal valued at approximately $231 million based on First California’s closing stock price on November 6, 2012. The proposed transaction values First California at $8.00 a share.
WeissLaw LLP is investigating whether First California’s Board is acting to maximize shareholder value for First California’s public shareholders in approving this deal and whether the Board engaged in a robust sale process in shopping the company. For the third quarter 2012, First California reported net income of $3.5 million, compared with $2.5 million for the same quarter in 2011. Additionally, net income available to common shareholders was $3.2 million, or $0.11 per diluted share, compared with $900,000, or $0.03 per diluted share, for the third quarter 2011. If you own First California shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Michael A. Rogovin either by email at firstname.lastname@example.org or by telephone at (888) 593-4771.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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