Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of Paragon Commercial Corporation (“Paragon”) (NasdaqCM: PBNC) concerning the merger with TowneBank (NASDAQ: TOWN). Under the terms of the agreement, shareholders will only receive 1.725 shares of TowneBank stock for each Paragon share held. Based on the closing price of TowneBank before the deal was announced, the consideration is valued at approximately $59.29 per share.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at email@example.com or by calling (888) 809-2750. There is no cost or fee to you.
The investigation centers on whether Paragon’s Board of Directors is acting in the shareholders’ best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.
The Briscoe Law Firm, PLLC is a full-service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters, including claims of investor and stockholder fraud, shareholder derivative suits, and securities class actions.