SHAREHOLDER ALERT: WeissLaw LLP Investigates LegacyTexas Financial Group Inc.
NEW YORK, June 19, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of LegacyTexas Financial Group Inc. ("LTXB" or the "Company") (NASDAQ: LTXB) in connection with the proposed sale of the Company to Prosperity Bancshares Inc. ("PB") (NYSE: PB). Under the terms of the merger agreement, LTXB shareholders will receive 0.528 shares of Prosperity stock and $6.28 in cash for each LTXB share held, representing consideration of $39.32 per LTXB share based on PB's June 18 opening price of $62.58.
If you own LTXB shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
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WeissLaw is investigating whether LTXB's Board acted to maximize shareholder value prior to entering into the merger agreement. Notably, at least one analyst set a target price of $45.50 per LTXB share, or $6.18 above the per-share consideration. Additionally, Zacks Investment Research upgraded its rating of LTXB stock from "sell" to "hold" in February, while BidaskClub upgraded the Company's stock from "buy" to "strong buy" in that same month.
Moreover, the acquisition is a strategic transaction from which PB hopes to leverage LTXB's 60 years of service in the North Texas region to expand and strengthen its foothold in the rapidly growing Dallas/Fort Worth Metropolitan Statistical Area. Finally, the Company recently reported a $235.7 million quarterly increase in total deposits for Q1 2019.
WeissLaw is investigating whether LTXB's Board conducted a fair process in agreeing to the proposed merger, whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger is fully and fairly disclosed.
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 [email protected]
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SOURCE WeissLaw LLP