SYS-CON MEDIA Authors: Roger Strukhoff, Pat Romanski, Elizabeth White, Glenn Rossman, Cynthia Dunlop

News Feed Item

Robbins Umeda LLP Announces an Investigation of First California Financial Group, Inc.

SAN DIEGO, Nov. 7, 2012 /PRNewswire/ -- Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of First California Financial Group, Inc. (NASDAQ: FCAL) in connection with their efforts to sell the company to PacWest Bancorp (NASDAQ: PACW).  Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.

(Logo: http://photos.prnewswire.com/prnh/20111014/ROBBINSUMEDALOGO)

On November 6, 2012, First California and PacWest announced that they had entered into a definitive merger agreement under which PacWest will acquire First California through a stock-for-stock transaction.  The total value of the deal is approximately $231 million based on First California's closing stock price on November 6, 2012.  Under the terms of the deal, holders of First California common stock will receive PacWest stock valued at $8.00 for each share they own.  Based on PacWest's closing stock price of $22.27 on November 5, 2012, First California stockholders will receive 0.3592 of a share of PacWest common stock for each share of First California common stock.  The acquisition has already been approved by the board of directors of First California. The transaction is expected to close in the first quarter of 2013.

Robbins Umeda LLP's investigation focuses on whether the members of the board of directors of First California are undertaking a fair process to obtain the maximum value possible for shareholders, or, instead, seeking to benefit themselves.  Notably, following the completion of the merger, two directors from the board of directors of First California will join PacWest's board of directors.  Further, on October 25, 2012, First California reported its results for the third quarter of its 2012 fiscal year.  For the quarter, the company reported net income of $3.5 million for the third quarter of fiscal 2012, a 40% increase over the company's net income of $2.5 million for the same quarter a year ago.  Given these financial results, Robbins Umeda LLP is examining the board of directors' decision to sell First California now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.

Robbins Umeda LLP attorneys highlight that First California shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.  

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/first-california-financial-group/

Attorney Advertising. Past results do not guarantee a similar outcome.  

Contact:
Robbins Umeda LLP
Gregory E. Del Gaizo
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsumeda.com

 

SOURCE Robbins Umeda LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Ope...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an In...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19...
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and manage them efficiently. Our software’s modular architecture allows customers to integrate nearly any application wi...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources o...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will nee...
When you set off to build an app that will change the world, designing your system architecture to be reliable and scalable is important but the stark reality is that, for your MVP, you probably had a “need for speed” (of development). You didn’t know what all the axes were to scale your application, where your stress points would be, and what weird and wonderful ways your customers would use it d...
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do to...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, ...