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The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Beach Business Bank

^{Published on 2011-09-02 16:36:35 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--Former United States Securities and Exchange Commission attorney [ Willie Briscoe ] and the securities litigation firm of [ Powers Taylor, LLP ] are investigating the acquisition of Beach Business Bank (aBeach Businessa or aBBBCa) (OTC:BBBC) by a wholly owned subsidiary of First PacTrust. Under the proposed buyout agreement, Beach Business shareholders may elect either: (a) $4.61 per share in cash plus an aggregate of 1.362 million First PacTrust common shares, or (b) $9.12 per share in cash plus warrants that may be exercised for an aggregate of approximately 1.362 million First PacTrust common shares at an exercise price of $14.00.

"Based on this and other factors, we are additionally investigating whether the transaction undervalues the stock, and our anticipated lawsuit will seek to obtain the highest share price for all shareholders"

If you are an affected shareholder, and you want to learn more about the investigation or join the action, 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.

The definitive acquisition agreement involves an all cash transaction valued at $37.4 million or $9.07 per diluted share.

aWe are investigating the fairness of the proposed transaction to Beach Business shareholders, whether the shareholders are being underpaid for their stock, and whether Beach Businessa™s Board of Directors acted in the shareholdersa™ best interests,a said shareholder rights attorney Willie Briscoe. In particular, Beach Business has seen substantial recent growth and its share price has increased from $4.65 on December 30, 2010 to $6.95 on February 17, 2011. aBased on this and other factors, we are additionally investigating whether the transaction undervalues the stock, and our anticipated lawsuit will seek to obtain the highest share price for all shareholders,a said Willie Briscoe.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.