NEW YORK, Jan. 24, 2014 /PRNewswire/ -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of North Valley Bancorp ("North Valley" or the "Company") (NASDAQ: NOVB) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to TriCo Bancshares in a stock deal valued at approximately $178.4 million. Under the terms of the proposed transaction, North Valley's stockholders will receive a fixed exchange ratio of 0.9433 shares of TriCo common stock for each share of North Valley common stock they own. The value of the merger consideration will change based on fluctuations in TriCo's stock price.
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The investigation focuses on whether North Valley's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of North Valley's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
If you own common stock in North Valley Bancorp and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/NOVB or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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