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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Community Bank (OTC MKTS: CYHT) to a subsidiary of CVB Financial Corp. (NASDAQGS: CVBF). Under the terms of the transaction, Community Bank shareholders will receive 9.4595 shares of CVBF common stock and $56.00 per share in cash for each Community Bank share they own.
The investigation concerns whether the Board of Community Bank breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether CVBF is underpaying for Community Bank shares, thus unlawfully harming Community Bank shareholders.
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