INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Metrocorp Bancshares Inc. (MCBI)
INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Metrocorp Bancshares Inc. (MCBI) Over the Proposed Sale of the Company to East West Bancorp, Inc. (EWBC)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors ofMetroCorp Bancshares, Inc.
NEW YORK--(BUSINESS WIRE)-- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of MetroCorp Bancshares Inc. ("MetroCorp" or the "Company") (NasdaqGS:MCBI) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to East West Bancorp, Inc. ("East West") (NasdaqGS:EWBC) in a deal valued at approximately $273 million. Under the terms of the proposed transaction, East West will acquire the outstanding shares of MetroCorp for the lesser of $14.60 per share and 1.72 times per-share tangible equity.
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The investigation focuses on whether MetroCorp's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of MetroCorp's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in MetroCorp and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/MCBI or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
KEYWORDS: United States North America New York
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