NEW YORK, May 17, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Presidio Bank ("Presidio" or the "Company") (OTC: PDOB) in connection with the proposed acquisition of the Company by Heritage Commerce Corporation (NASDAQ: HTBK), the parent company of Heritage Bank of Commerce. Under the terms of the merger agreement, Presidio shareholders will receive 2.470 HTBK shares for each share of PDOB they own, or $30.18 per PDOB share based on HTBK's closing price of $12.22 on May 16, 2019. After the close of the transaction, PDOB stockholders will own approximately 26.5% of the issued and outstanding shares of the combined company.
If you own PDOB shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
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New York, NY 10036
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WeissLaw is investigating whether Presidio's Board acted to maximize shareholder value prior to entering into the acquisition agreement. WeissLaw is concentrating its investigation on whether Presidio's Board conducted a fair process in agreeing to the proposed acquisition, whether the proposed acquisition undervalues the Company, 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