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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Square 1 Financial, Inc. (“Square 1” or “the Company”) (NasdaqGS: SQBK) to PacWest Bancorp (“PacWest”) (NasdaqGS: PACW). Under the terms of the transaction, Square 1 shareholders will receive a fixed ratio of 0.5997 shares of PacWest for each Square 1 common share they own, or approximately $27.49 per share. The transaction is valued at approximately $849 million.
The investigation concerns whether the Board of Square 1 breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether PacWest is underpaying for Square 1 shares.
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