NEW YORK, Aug. 3, 2017 /PRNewswire/ -- WeissLaw LLP
announced that a class action was commenced in the United States
District Court for the Western District of North Carolina on behalf of shareholders of
ASB Bancorp, Inc. ("ASB Bancorp") (NASDAQ: ASBB) seeking to pursue
remedies under the Securities and Exchange Act of 1934 (the
"Exchange Act") in connection with the proposed acquisition of ASB
Bancorp by First Bancorp ("FBNC") (NASDAQ: FBNC).
On May 1, 2017, ASB Bancorp and
FBNC announced that they had entered into a definitive agreement
pursuant to which FBNC will acquire all outstanding shares of ASB
Bancorp in a cash-and-stock transaction valued at approximately
$175 million ("Proposed
Transaction"). Under the terms of the agreement, ASB Bancorp
shareholders will receive 1.44 shares of FBNC or $41.90 in cash, or a combination thereof, for
each share held.
The complaint seeks injunctive relief on behalf of the named
plaintiff and all ASB Bancorp shareholders. The plaintiff is
represented by WeissLaw, which has expertise in prosecuting
investor class actions and extensive experience in actions
involving financial fraud. The complaint further alleges that
in an attempt to secure shareholder approval for the merger, the
defendants filed a materially false and/or misleading Registration
Statement with the SEC in violation of the Exchange Act. The
omitted and/or misrepresented information is believed to be
material to ASB Bancorp shareholders' ability to make an informed
decision whether to approve the Proposed Transaction.
If you wish to serve as lead plaintiff, you must move the
Court no later than sixty (60) days from today. If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff's counsel,
Joshua M. Rubin of WeissLaw
at 888.593.4771, or by e-mail at
stockinfo@weisslawllp.com. Any member of the putative
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.
WeissLaw LLP 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 please email us at
stockinfo@weisslawllp.com.
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SOURCE WeissLaw LLP