NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Virginia Commerce Bancorp, Inc. (“Virginia Bancorp” or the “Company”) (NasdaqGS: VCBI) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to United Bankshares, Inc. (“United”) (NASDAQ: UBSI) in a stock-for-stock deal valued at approximately $490.6 million. Under the terms of the proposed transaction, Virginia Bancorp’s stockholders will receive 0.5442 of a United share per each share of Virginia Bancorp’s common stock they own. The consideration to be received by Virginia Bancorp’s shareholders is valued at $14 based on United’s closing price the day before the announcement, January 29, 2013.
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The investigation focuses on whether Virginia Bancorp’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Virginia Bancorp’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Virginia Bancorp and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/VCBI or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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