NEW YORK, Aug. 22, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Cardinal Financial
Corporation ("CFNL" or the "Company") in connection with the
proposed acquisition of the Company by United Bankshares, Inc.
("UBSI"). On August 18, 2016,
the Company announced that it had reached a definitive agreement
for UBSI to acquire all outstanding shares of CFNL in a stock-for
stock transaction valued at approximately $912 million. Under the terms of the
agreement, CFNL shareholders will receive 0.71 of a share of UBSI
for each CFNL share they own; representing consideration of
$27.17 per share, based on UBSI's
August 18 trading price.
WeissLaw is investigating whether CFNL's Board acted to maximize
shareholder value prior to entering into the
agreement. Notably, on the same day as the announcement, CFNL
shares traded at $28.16, or nearly a
dollar more than the per share consideration. Additionally,
the Company recently announced positive financial results,
reporting earnings of $14.1 million
in the quarter ended June 30, 2016,
representing a 5% year-over-year increase when compared to the
$13.4 million reported in the same
period of the previous year.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell CFNL and whether CFNL shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own CFNL
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
stockinfo@weisslawllp.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
stockinfo@weisslawllp.com or fill out the form on our
website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP