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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Highlands Bankshares, Inc. (“Highlands” or the “Company”) (OTCMKTS: HLND) to First Community Bankshares, Inc. (“First Community”) (NASDAQ: FCBC). Under the terms of the deal, each share of Highlands common and preferred stock outstanding immediately prior to the merger will be converted into the right to receive 0.2703 shares of First Community common stock.
The Highlands merger investigation concerns whether the Board of Highlands breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether BV Financial is underpaying for Highlands shares, thus unlawfully harming Highlands shareholders.
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