The Ademi Firm is investigating First IC (OTCEM: FIEB) for possible breaches of fiduciary duty and other violations of law in its transaction with MetroCity.

Click here to learn how to join our investigation and obtain additional information or contact us at gademi@ademilaw.com or toll-free: 866-264-3995. There is no cost or obligation to you.

Based on the closing price of MetroCity common stock of $27.78 per share on March 14, 2025, the implied purchase price is $22.71 per First IC common share, with consideration consisting of approximately 46% stock and 54% cash and an aggregate transaction value of approximately $206 million. First IC insiders will receive substantial benefits as part of change of control arrangements.

The transaction agreement unreasonably limits competing transactions for First IC by imposing a significant penalty if First IC accepts a competing bid. We are investigating the conduct of the First IC board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.

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