NEW YORK, June 19, 2018 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of First Connecticut Bancorp, Inc. (“FBNK” or the “Company”) (NASDAQ: FBNK) in connection with the proposed acquisition of the Company by People’s United Bank, N.A. (“PBCT”) (“NASDAQ: PBCT). Under the terms of the agreement, FBNK shareholders will receive 1.725 shares of PBCT for each FBNK share they own, representing consideration of $31.55, based on PBCT June 19 trading price of $18.29.
WeissLaw is investigating whether FBNK’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, this deal is a strategic transaction which will expand PBCT’s footprint throughout Connecticut and Massachusetts. Moreover, the Company recently announced positive financial results. It reported net interest income of $20.9 million in the first quarter of 2018, representing increases of $394,000 sequentially, and $1.7 million annually.
Given these facts, WeissLaw is investigating whether FBNK’s shareholders will obtain their fair and proportionate share of the Company’s continued success and growth prospects. If you own FBNK 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 email@example.com.
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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/first-connecticut-bancorp-inc/
SOURCE WeissLaw LLP