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First California Financial Group, Inc. (NASDAQ:FCAL) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Takeover By PacWest Bancorp

  • If you purchased shares of First California Financial Group, Inc. (NASDAQ:FCAL) prior to November 6, 2012, and currently hold any of those NASDAQ:FCAL shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
First California Financial Group, Inc.
Security
NASDAQ: FCAL

Case Name
First California Financial Group Deal Case 11/23/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

Nov. 26, 2012 (Shareholders Foundation) -- An investor in shares of First California Financial Group, Inc. (NASDAQ:FCAL) filed a lawsuit against directors to stop the proposed takeover of First California Financial Group by PacWest Bancorp at $8.00 per First NASDAQ:FCAL share.
The plaintiff claims that the defendants breached their fiduciary duties owed NASDAQ:FCAL stockholders by agreeing to sell the company too cheaply via an unfair process to PacWest Bancorp.

On November 6, 2012, PacWest Bancorp (NASDAQ: PACW) and First California Financial Group, Inc. (NASDAQ: FCAL) announced the signing of an agreement and plan of merger whereby PacWest Bancorp will acquire First California Financial Group, Inc. for $8.00 per First California Financial Group, Inc. common share, or approximately $231 million in aggregate consideration, payable in PacWest common stock.

However, the plaintiff alleges that the $8.00offer is unfair to NASDAQ:FCAL stockholder and undervalues the company. In addition, the plaintiff says that the process is also unfair to First California Financial Group stockholders. Indeed, certain stockholders of First California Financial Group, Inc., including all current directors and certain other stockholders, owning or controlling approximately 22% in the aggregate of the currently outstanding shares of First California Financial Group, Inc., have already agreed to vote in favor of the transaction.