SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Announces the Investigation of 1st United Bancorp, Inc. Over the Proposed Sale of the Company to Valley National Bancorp
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of 1st United Bancorp, Inc. (“1st United” or the “Company”) (FUBC) for potential breaches of fiduciary duties in connection with the sale of the Company to Valley National Bancorp (VLY) for approximately $312 million. The Company’s stockholders will only receive 0.89 shares, or roughly $8.69 based on Valley National’s May 7th's closing price, of Valley National common stock for each share of 1st United common stock they own.
The investigation focuses on whether 1st United’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of 1st United’s shareholders.
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Juan E. Monteverde
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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