NEW YORK, Jan. 22, 2015 /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 City National Corp. ("City National" or the "Company") (NYSE: CYN) for potential breaches of fiduciary duties in connection with the sale of the Company to Royal Bank of Canada (TSX: RY) for approximately $5.4 billion in a cash and stock transaction. The Company's stockholders will only receive $47.25 in cash and 0.7489 of a share of Royal Bank for each share of City National common stock they own, a total value of $93.80 per share.
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The investigation focuses on whether City National's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of City National's shareholders.
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If you own common stock in City National and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/CYN or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org 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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