SAN DIEGO, Feb. 3, 2020 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of Opus Bank (NASDAQ: OPB) ("Opus")
breached their fiduciary duties in connection with the proposed
sale of the Company to Pacific Premier Bancorp, Inc. (NASDAQ: PPBI)
("Pacific Premier").
On February 3, 2020, Opus
announced that it had signed a definitive merger agreement with
Pacific Premier. Under the terms of the definitive agreement,
holders of Opus common stock (including holders of Opus Series A
preferred stock whose shares will be treated on an as-converted
basis) will have the right to receive 0.90 shares of Pacific
Premier common stock for each share of Opus common stock they own.
The deal is valued at $26.82 per
share, based on a closing price for Pacific Premier's common stock
of $29.80 as of January 31, 2020. However, shareholders will be
subject to the future price fluctuation of Pacific Premier 's stock
price,
The investigation concerns whether the Opus board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Opus shares
of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
analysts' projections for future earnings and revenue
growth.
If you are a shareholder of Opus and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation, please contact lead analyst
Jim Baker (jimb@johnsonfistel.com)
at 619-814-4471. If emailing, please include a phone
number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
https://www.johnsonfistel.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP