NEW YORK, April 9, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Opus Bank ("OPB" or the "Company") (NASDAQ: OPB) in connection with the proposed acquisition of OPB by Pacific Premier Bancorp, Inc. ("PPBI") (NASDAQ: PPBI). Under the terms of the acquisition agreement, holders of OPB common stock will receive 0.90 shares of PPBI common stock for each share of OPB that they own, representing implied per-share merger consideration of $16.27 based on PPBI's April 8, 2020 closing price of $18.08.
If you own OPB 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.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether OPB's board of directors acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, at least one analyst set a target price for OPB of $33.00 per share, more than twice the implied per-share merger consideration.
Given these facts, WeissLaw is concerned whether the proposed acquisition agreement undervalues the Company, whether OPB's board ran a fair process, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
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]
SOURCE WeissLaw LLP