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Center Financial Corporation Shareholder Investigation by Briscoe Law Firm Concerning Proposed Stock Acquisition by Nara Bancor

^{Published on 2010-12-13 09:55:19 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of [ Center Financial Corporation ] (aCenter Financiala or aCLFCa) (NASDAQ: CLFC) related to the proposed acquisition of Center Financial by Nara Bancorp, Inc.

"Based on the lack of an appreciable premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Center Financial shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock"

The definitive merger agreement, which was announced on December 9, 2010, involves a transaction valued at approximately $285.7 million. Under the proposed merger transaction, Center Financial shareholders will receive a fixed ratio of 0.7804 shares of Nara Bancorp common stock for each share of Center Financial/CLFC common stock they hold. The acquisition price reportedly represents a value of $7.16 per share to Center Financial shareholders, based on Nara Bancorpa™s closing price on December 8, 2010. However, Center Financial shares closed as high as $7.05 per share in May 2010, and analysts have stated that the target price for Center Financial shares is as high as $9.00 per share. Furthermore, once the deal is completed, Nara Bancorp shareholders will own 55% of the combined entity. aBased on the lack of an appreciable premium to shareholders, and other factors, we have concern whether the proposed acquisition is fair to Center Financial shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock,a said shareholder rights attorney Willie Briscoe.

The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Center Financial for approving this transaction and whether Center Financiala™s Board of Directors acted in the shareholdersa™ best interests and fully disclosed all material aspects of the proposed transaction.

If you currently own shares of Center Financial/CLFC and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.