NEW YORK, Jan. 17, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of FirstCity Financial Corporation ("FirstCity" or the "Company") (Nasdaq:FCFC) 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 Varde Partners, Inc. A complaint was filed in Texas state court.
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Under the terms of the transaction, FirstCity shareholders will receive $10.00 for each share of FirstCity stock they own. The transaction has total approximate value of $224.9 million. The claims concern whether the FirstCity Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Varde Partners, Inc. is underpaying for FirstCity shares, thus unlawfully harming FirstCity stockholders.
If you own common stock in FirstCity 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 http://zlk.9nl.com/firstcity-fcfc.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has 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. For more information, please feel free to contact any of the attorneys listed below. 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