Newman Ferrara LLP is investigating potential claims against the board
of directors of 1st United Bancorp, Inc. (“1st United”) (Nasdaq: FUBC)
concerning the proposed sale of 1st United to Valley National Bancorp
(“Valley”) (NYSE: VLY).
On May 8, 2014, 1st United announced that it had entered into an
agreement and plan of merger to be acquired by Valley pursuant to which,
1st United shareholders will receive 0.89 of a share of Valley common
stock for each share of 1st United stock owned. Based on the closing
price of Valley stock on May 7, 2014, the proposed merger would provide
implied value to 1st United shareholders of only $8.69 for each share of
1st United stock owned.
Newman Ferrara’s investigation concerns whether 1st United’s Board of
Directors has breached its fiduciary duties to act in the best interests
of 1st United’s stockholders. The investigation focuses on the potential
unfairness of the consideration being provided to 1st United’s
stockholders and the process by which 1st United’s Board of Directors
considered and approved the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at rshimon@nfllp.com
to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
Copyright Business Wire 2014