An investigation was announced concerning whether the takeover of Opus Bank is unfair to ASDAQ: OPB stockholders.
Investors who purchased shares of Opus Bank (NASDAQ: OPB) and currently hold any of those NASDAQ: OPB shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Opus Bank breached their fiduciary duties owed to NASDAQ: OPB investors in connection with the proposed acquisition.
Irving, CA based Opus Bank provides various banking products, services, and solutions for small and mid-sized companies, entrepreneurs, real estate investors, professionals, and high net worth individuals.
On February 3, 2020, Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank, and Opus Bank (NASDAQ: OPB) announced they have entered into an agreement under which Pacific Premier Bancorp, Inc will acquire Opus Bank in an all-stock transaction valued at approximately $1.0 billion, or $26.82 per NASDAQ: OPB share, based on a closing price for Pacific Premier's common stock of $29.80 as of January 31, 2020.
However, given that at least one analyst has set the high target price for NASDAQ: OPB shares at $40.00 per share and given that NASDAQ: OPB shares traded in the open market as recently as October 29, 2019 as high as $34.90 per share, the investigation concerns whether the offer is unfair to NASDAQ: OPB stockholders. More specifically, the investigation concerns whether the Opus Bank 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.
Opus Bank reported that its annual Total Revenue rose from $269.07 million in 2017 to $410.45 million in 2018 and that its Net Income increased from $60.10 million in 2017 to $123.34 million in 2018.
Shares of Opus Bank (NASDAQ: OPB) closed on February 6, 2020, at $30.41 per share.
Those who are current investors in Opus Bank (NASDAQ: OPB) shares have certain options and should contact the Shareholders Foundation.
Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
