Law Firm Brower Piven Announces Investigation of Virginia Commerce Bancorp, Inc.
01 Février 2013 - 12:15AM
Business Wire
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches
of fiduciary duty to current shareholders of Virginia Commerce
Bancorp, Inc. (“Virginia Commerce” or the “Company”) (Nasdaq:
“VCBI”) and other violations of state law by the board of directors
of Virginia Commerce relating to the proposed acquisition of the
Company by United Bankshares, Inc. (“United”). The firm’s
investigation seeks to determine, among other things, whether the
board of directors of Virginia Commerce breached their fiduciary
duties by failing to maximize shareholder value.
Under the terms of the proposed transaction, United will acquire
100% of the outstanding shares of Virginia Commerce in exchange for
common shares of United. According to the press release announcing
the transaction, the exchange ratio will be fixed at 0.5442 of
United’s shares for each share of Virginia Commerce, which equates
to a deal value of $14.00 per share. The transaction is currently
being valued at approximately $490.6 million.
If you currently own common stock of Virginia Commerce and would
like to learn more about the investigation being conducted by
Brower Piven, you may email or call Brower Piven, who will, without
obligation or cost to you, attempt to answer your questions. You
may contact Brower Piven by email at hoffman@browerpiven.com, by
calling (410) 415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and other class action cases of over 60 years.
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