December 20, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Heritage Oaks Bancorp (NASDAQ:HEOP), was announced concerning whether the takeover of Heritage Oaks Bancorp by Pacific Premier Bancorp, Inc for a value of $11.68 per share is unfair to NASDAQ:HEOP stockholders.

The investigation by a law firm concerns whether certain officers and directors of Heritage Oaks Bancorp breached their fiduciary duties owed to NASDAQ:HEOP investors in connection with the proposed acquisition.

On December 13, 2016, Pacific Premier Bancorp, Inc. (NASDAQ:PPBI), the holding company of Pacific Premier Bank and Heritage Oaks Bancorp (NASDAQ:HEOP) announced that they have entered into an agreement under which Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) will acquire Heritage Oaks Bancorp (NASDAQ:HEOP) in a stock transaction for total consideration of approximately $405.6 million, or $11.68 per share, based on a closing price for Pacific Premier Bancorp, Incs common stock of $33.65 as of December 12, 2016.

However, given that at least one analyst has set the high target price for NASDAQ:HEOP shares at $13.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:HEOP stockholders. More specifically, the investigation concerns whether the Heritage Oaks Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

On December 20, 2016, shares of Heritage Oaks Bancorp (NASDAQ:HEOP) closed at $1174 per share.