November 7, 2012
Bernstein Liebhard LLP is investigating whether the Board of Directors of First California Financial Group, Inc. (“First California” or the “Company”) (NASDAQ: FCAL) breached its fiduciary duty to its shareholders in agreeing to sell First California to PacWest Bancorp (NASDAQ: PACW).
Under the terms of the agreement, First California shareholders will receive $8.00 per First California common share, payable in PacWest Bancorp common stock. The investigation is focused on the potential unfairness of the price to First California shareholders and the process by which the First California Board of Directors considered and approved the transaction.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last ten years.