NEW YORK, April 27, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Paragon Commercial
Corporation ("PBNC" or the "Company") in connection with the
proposed acquisition of the Company by TowneBank ("TOWN").
Under the terms of the agreement, the Company's shareholders
will receive 1.725 shares of TOWN for each share of PBNC they own,
representing consideration of $59.29
based on TOWN's April 26 closing
price.
WeissLaw is investigating whether PBNC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the deal will position TOWN as an industry leader;
according the acquisition announcement, TOWN "will possess the
second largest market share among community banks operating in the
demographically attractive Raleigh, North
Carolina MSA." Additionally, PBNC has consistently
announced double digit growth, reporting recently year-over-year
increases in net income of 22% and 18% in the fourth quarter of
fiscal year 2016 and in the first quarter of fiscal year 2017
respectively.
Given these facts, WeissLaw is investigating whether PBNC's
Board acted in the best interests of PBNC's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own PBNC shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/paragon-commercial-corporation/
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SOURCE WeissLaw LLP