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If you are a current investor in Parkvale Financial Corp. (NASDAQ: PVSA) and purchased your NASDAQ:PVSA shares prior to the announcement, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
After Parkvale Financial Corp. announced that it agreed to be acquired by F.N.B. Corporation (NYSE: FNB) an investigation on behalf of investors of Parkvale Financial Corp. (NASDAQ: PVSA) concerning whether the offer to merge Parkvale Financial Corporation with F.N.B. Corp. and the sale process are unfair to investors of Parkvale Financial Corp. (PVSA) and whether certain of its officers and directors or others breached their fiduciary duties owed investors in NASDAQ:PVSA shares was announced.
The investigation by a law firm concerns whether the Parkvale Financial Corp., certain of its officers and directors, and/or others breached their fiduciary duties owed to Parkvale Financial (NASDAQ:PVSA) investors in connection with the proposed merger.
On Wednesday, June 15, 2011 Parkvale Financial Corporation (NASDAQ: PVSA) and F.N.B. Corporation (NYSE: FNB) announced the signing of a merger agreement pursuant to which F.N.B. Corporation will acquire Parkvale Financial Corporation in an all stock transaction valued at approximately $22.48 per share, or $130 million in the aggregate.
Following the buyout newssShares of Parkvale Financial Corp. jumped from $10.95 per share on Wednesday to $20.05 per share on Thursday and $20.55 on Friday.
However, Parkvale Financials performance has been increasing lately. For the first quarter in 2011 Parkvale Financial Corp. was able to report a quarterly Net Income of $1.95million compared to a Net Income of $1.42million a year earlier. Additionally at least one analyst has set a price target of $27.00 for Parkvale stock.
Therefore the investigation monitors the proposed transaction and concerns whether the Parkvale Financial Board of Directors undertook an adequate and fair sales process to obtain fair and maximized consideration for all shareholders of the Parkvale Financial Corp. (NASDAQ:PVSA) and in particular breached their fiduciary duties to the Parkvale Financial (PVSA) shareholder by failing to adequately shop the Company before entering into the transaction.
The investigation concerns also whether concerning F.N.B. Corporation would underpay for NASDAQ:PVSA shares, thus unlawfully harming Parkvale Financial stockholders.
A potential securities class action lawsuit would seek to maximize the amount of money and information NASDAQ: PVSA shareholders would receive in a buyout, so the law firm.
