A law office recently announced its intention to investigate the purchase of a financial institution after it agreed to a purchase by another company. There may be a class action claim as a result of the investigation.
Law firm Brodsky and Smith explained it is looking into the board of directors of North Valley Bancorp after it announced that the company will be purchased by TriCo Bancshares. With the pending deal, shareholders would earn 0.9433 shares of TriCo stock for each North Valley Bancorp share owned. This may mean that the board of directors at North Valley Bancorp were not looking out for the best interests of the company's shareholders during the sales process, thus breaching fiduciary duty. Additionally, the auction process undertaken by the company may not have been completed in the best manner, potentially giving TriCo the deal for a lower amount of money than deserved.
It is possible for shareholders to speak with the law firm to learn more information. This can be related to either the issues related to the transaction, as well as how it may affect them. Both Evan Smith and Jason Brodsky are available to field questions at no cost to shareholders. The best ways to contact them are through mail, email or telephone. It is also an option to view the law firm's website for more info.
Second investigation begins
Another law office listened to shareholders' issues related to the transaction, and also started an investigation of the pending transaction. This inquiry also has the potential to become a securities class action lawsuit.
Law firm Levi and Korsinsky noted it began the investigation of North Valley Bancorp's board of directors for many of the aforementioned reasons, as well as potential violations of state law. The share value that North Valley Bancorp's stockholders when they receive TriCo Bancshares' stock is approximately $26.09. The deal has a total value of less than $179 million.
Those shareholders who are looking to learn more about the case have an option to speak with the law firm. This information can be obtained from firm member Joseph Levi. He is best reached by telephone or email. Checking the law office's website is also an option in order to read more details about the current investigation at this time.