Investor Sues Over $231M PacWest, First California Merger

Law360, New York (November 26, 2012, 5:35 PM EST) -- A shareholder of First California Financial Group Inc. has hit the company and its board of directors with a putative class action over its proposed $231 million merger with PacWest Bancorp, saying the deal undervalues the company.

The Nov. 20 complaint, which also names PacWest as a defendant, alleges that FCAL's board breached its fiduciary duty to shareholders when it entered an agreement through which PacWest would acquire all outstanding shares of FCAL in a transaction valued at $8 a share.

Plaintiff Paul Githens contends FCAL,...
To view the full article, register now.