MILWAUKEE, WI / ACCESSWIRE / November 23, 2015 / We are investigating the Board of Directors of BBCN for possible breaches of fiduciary duty and other violations of state law in connection with the sale of BBCN to Hanmi.
Click here to learn how to join the action: http://www.ademilaw.com/case/bbcn or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
BBCN long-term financial outlook is improving and yet BBCN shareholders will receive 0.7331 of a share of Hanmi common stock for each share of BBCN common stock. Hanmi is well aware of BBCN's improving financial metrics and is purchasing BBCN at a substantial discount. The merger agreement unreasonably limits prospective bids for BBCN by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should BBCN receive and accept a superior bid. BBCN insiders, their affiliates and other majority shareholders own significant voting stock, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of BBCN not in the best interests of non-insiders. Our investigation centers on the conduct of BBCN Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for BBCN given its current financial condition and prospects.
If you own common stock in BBCN and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, or http://www.ademilaw.com/case/bbcn.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Ademi & O'Reilly, LLP
Guri Ademi
3620 East Layton Ave.
Cudahy, WI 53110
Toll Free: (866) 264-3995
Fax: (414) 482-8001
www.ademilaw.com
SOURCE: Ademi & O'Reilly, LLP
