WILMINGTON, Del., May 8, 2014 /PRNewswire/ -- Andrews &
Springer LLC, a boutique securities class action law firm
focused on representing shareholders nationwide, is investigating
potential breach of fiduciary duty claims against the Board of
Directors of 1st United Bancorp, Inc. ("United" or the "Company")
(NASDAQ: FUBC) relating to the sale of the Company to Valley
National Bancorp (NYSE: VLY) ("Valley National"). On May 8, 2014, the two companies announced the
signing of a definitive merger agreement pursuant to which Valley
National will acquire United in a merger valued at roughly
$312 million. As a result of the
merger, United shareholders are only anticipated to receive 0.89
shares of Valley National common stock in exchange for each share
of United share they own.
Based on our investigation, the 0.89 shares of Valley National
that United shareholders are expected to receive is unfair given
that Valley National's stock price has continued on a downward
spiral, trading as high as $10.80 per
share on April 24, 2014 and closing
yesterday at $9.76 per share.
Andrews & Springer is investigating whether United directors
are breaching their fiduciary duties by failing to adequately shop
the company and maximize shareholder value. Andrews & Springer
is also investigating the fairness of the sales process conducted
by United.
If you own shares of United and want to receive additional
information and protect your investments free of charge, please
visit us at
http://www.andrewsspringer.com/cases-investigations/united or
contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
SOURCE Andrews & Springer LLC