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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of First West Virginia to CB Financial Services, Inc. (NASDAQ: CBFV). Under the terms of the transaction, shareholders may elect to receive $28.50 in cash or 0.9583 shares of CB Financial common stock for each share of First West Virginia common stock they own.
The investigation concerns whether the Board of First West Virginia breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether CB Financial is underpaying for First West Virginia shares, thus unlawfully harming First West Virginia shareholders.
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