Opus (OPB) Alert: Johnson Fistel Investigates Proposed Sale of Opus Bank; Are Opus Shareholders Getting a Fair Deal?

SAN DIEGO, Feb. 3, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Opus Bank OPB ("Opus") breached their fiduciary duties in connection with the proposed sale of the Company to Pacific Premier Bancorp, Inc. PPBI ("Pacific Premier").

On February 3, 2020, Opus announced that it had signed a definitive merger agreement with Pacific Premier. Under the terms of the definitive agreement, holders of Opus common stock (including holders of Opus Series A preferred stock whose shares will be treated on an as-converted basis) will have the right to receive 0.90 shares of Pacific Premier common stock for each share of Opus common stock they own. The deal is valued at $26.82 per share, based on a closing price for Pacific Premier's common stock of $29.80 as of January 31, 2020. However, shareholders will be subject to the future price fluctuation of Pacific Premier 's stock price,

The investigation concerns whether the Opus board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Opus shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth. 

If you are a shareholder of Opus and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com

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SOURCE Johnson Fistel, LLP