WeissLaw LLP: Wilshire Bancorp, Inc.'s Board May Not Be Acting In The Best Interests of WIBC Shareholders
Dec 08, 2015, 04:55 ET
NEW YORK, Dec. 8, 2015 /PRNewswire/ -- The proposed merger of Wilshire Bancorp, Inc. ("WIBC" or the "Company") and BBCN Bancorp, Inc. ("BBCN") is being investigated by WeissLaw LLP for possible breaches of fiduciary duty and other violations of law by the Board of Directors of WIBC. On December 7, 2015, the Company announced the signing of a definitive agreement to merge with BBCN in a stock-for-stock transaction valued at approximately $1.0 billion. Under the terms of the agreement, shareholders of WIBC will receive 0.7034 of a share BBCN for each WIBC share they own; representing a consideration of $13.00 per WIBC share, based on the December 4 closing price of BBCN.
WeissLaw is investigating whether WIBC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a mere 9.4 % premium over WIBC's December 4 trading price of $11.88. Additionally, at least one analyst set a target price of $15.50 per share, or $2.50 above the offer price.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell WIBC and whether WIBC shareholders will obtain their fair proportionate share of the Company's continued success and future growth prospects. If you own WIBC shares and would like more information about your rights or our investigation, please contact Joshua Rubin either by telephone at (888) 593-4771 or by email at [email protected].
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] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP
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