NEW YORK, June 2, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of 1st United Bancorp, Inc. ("1st United" or "the Company") (Nasdaq:FUBC) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Valley National Bancorp ("Valley National") (NYSE:VLY). A complaint was filed in Florida state court.
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Under the terms of the transaction, 1st United shareholders will receive 0.89 of a share of Valley National for each outstanding share of 1st United common stock they own. The transaction is currently valued at approximately $312 million. The claims concern whether the 1st United Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Valley National is underpaying for 1st United shares.
If you own 1st United common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/1st-united-fubc.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP