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Law Offices of Howard G. Smith Announces Investigation of Beach Business Bank

  //business-finance.news-articles.net/content/201 .. ounces-investigation-of-beach-business-bank.html
  Published in Business and Finance on Wednesday, August 31st 2011 at 16:41 GMT by Market Wire
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LOS ANGELES--([ BUSINESS WIRE ])--Law Offices of Howard G. Smithannounces that it is investigating potential claims against the Board of Directors of Beach Business Bank. (aBeach Business Banka or the aCompanya) (OTCBB: BBBC) related to the proposed merger into a wholly owned subsidiary of First PacTrust. The transaction is valued at approximately $37.4 million or $9.07 per diluted share. Under the proposed transaction, shareholders may elect to receive either $4.61 per share in cash plus an aggregate of 1.362 million First PacTrust common shares or $9.12 per share in cash plus warrants exercisable for an aggregate of approximately 1.362 million First PacTrust common shares at an exercise price of $14.00.

The investigation concerns whether the Board of Directors of Beach Business Bank breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has grown from $4.65 on December 30, 2010 to $6.95 on February 17, 2011.

If you are a shareholder of Beach Business Bank, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].