WILMINGTON, Del., June 28, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Central District of California on behalf of holders of CU Bancorp (“CU Bancorp”) (NASDAQ: CUNB ) common stock in connection with the proposed transaction pursuant to which CU Bancorp will be acquired by PacWest Bancorp (“PacWest”), announced on April 5, 2017 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against CU Bancorp, its Board of Directors (the “Board”), and PacWest, is captioned Parshall v. CU Bancorp , Case No. 2:17-cv-04303 (C.D. Cal.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A. , 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com , or at http://rigrodskylong.com/contact-us/ .
On April 5, 2017, CU Bancorp entered into an agreement and plan of merger (the “Merger Agreement”) with PacWest. Pursuant to the Merger Agreement, shareholders of CU Bancorp will receive $12.00 per share in cash and 0.5308 of a share of PacWest common stock (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a registration statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission on May 26, 2017. The Complaint alleges that the Registration Statement, which recommends that CU Bancorp stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to CU Bancorp’s financial projections, PacWest’s financial projections, the analyses performed by CU Bancorp’s financial advisor, and the background of the Proposed Transaction. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of CU Bancorp common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than August 28, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Seth D. Rigrodsky Gina M. Serra (888) 969-4242 (302) 295-5310 Fax: (302) 654-7530 info@rl-legal.com http://www.rigrodskylong.com
