NEW YORK, Oct. 16, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of CIT Group Inc. ("CIT" or the "Company") (NASDAQ: CIT) in connection with the proposed acquisition of the Company by First Citizens BancShares, Inc. ("FCNCA"). Under the terms of the acquisition agreement, CIT shareholders will receive 0.0620 shares of FCNCA class A common stock for each share of CIT common stock that they own, representing implied per-share merger consideration of $21.91 based upon FCNCA's October 15 closing price of $353.32.
If you own CIT shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact: Joshua Rubin, Esq. WeissLaw LLP 1500 Broadway, 16th Floor New York, NY 10036 (212) 682-3025 (888) 593-4771 [email protected]
WeissLaw is investigating whether CIT's board acted in the best interest of CIT's public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of the proposed acquisition of the Company, and whether all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed. Notably, at closing FCNCA shareholders will own 61% of the newly combined company, leaving CIT stockholders with just 39% of the combined company.
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 clients and obtained important corporate governance relief in many of 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 materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected].