Perry v. FirstCity Financial Corporation et al.
January 30, 2013Newman Ferrara LLP Files Class Action Lawsuit Against FirstCity Financial Corporation
NEW YORK, January 30, 2013 (BUSINESS WIRE) – Newman Ferrara LLP announced today that it filed a class action lawsuit in the Court of Chancery of the State of Delaware (Case No. 8259) on behalf of shareholders of FirstCity Financial Corporation ("FirstCity") (Nasdaq: FCFC) concerning the proposed acquisition of FirstCity by investment firm Varde Partners Inc. ("Varde").
On December 21, 2012, FirstCity announced that it had entered into an agreement and plan of merger to be acquired by certain funds managed by Varde in a deal valued at approximately $244.9 million. Under the terms of the agreement, FirstCity's shareholders will receive $10.00 in cash per share of FirstCity stock owned.
Newman Ferrara's lawsuit alleges that FirstCity's Board of Directors breached its fiduciary duties to act in the best interests of FirstCity's shareholders and to take all necessary steps to ensure that FirstCity's shareholders receive the maximum value readily available for their shares of FirstCity common stock.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation with an emphasis on securities, ERISA, shareholder litigation, consumer fraud, and real estate.
CONTACT:
Attorney: Roy Shimon
rshimon@nfllp.com
Tel: (212) 619-5400
Fax: (212) 619-3090