WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Plaza Bancorp (“PLZZ” or the “Company”) (OTC: PLZZ) in connection with the proposed acquisition of the Company by Pacific Premier Bancorp, Inc. (“PPBI”) (NASDAQ: PPBI). Under the terms of the acquisition agreement, the Company’s shareholders will receive 0.20 of a share of PPBI for each PLZZ share they own, representing consideration of $7.11 based on PPBI’s August 10 closing price.
WeissLaw is investigating whether PLZZ’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, the per-share consideration offers a meager 9.3% premium over the trading price of PLZZ prior to the acquisition announcement. Additionally, the Company recently announced positive financial results, reporting double-digit growth in numerous areas. It announced return on average equity growth of 11.32%, new loan commitments increase of 25.4%, and efficiency ratio improvement of 57.2%.
Given these facts, WeissLaw is investigating whether PLZZ’s shareholders will obtain their fair and proportionate share of the Company’s continued success and future growth prospects. If you own PLZZ 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 firstname.lastname@example.org.
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 email@example.com or fill out the form on our website, http://www.weisslawllp.com/plaza-bancorp/