We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of PacWest Bancorp (“PacWest”) (NASDAQ: PACW) in connection with its proposed merger with Banc of California, Inc. (NYSE: BANC)(“Banc of California”). Under the merger agreement, PacWest’s shareholders will receive 0.6569 of a share of Banc of California common stock for each PacWest share owned, representing implied per-share consideration of $9.60 given Banc of California’s July 25, 2023 closing price of $14.62.
Weiss Law is investigating whether (i) PacWest’s board acted in the best interests of its shareholders in agreeing to the merger, (ii) the merger consideration adequately compensates PacWest’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com