WILMINGTON, Del. —Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of First BancTrust Corporation (“First Bank”) (OTCQX: FIRT) common stock in connection with the proposed acquisition of First Bank by First Mid-Illinois Bancshares, Inc. and its affiliate (“First Mid”) announced on December 11, 2017 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against First Bank, its Board of Directors (the “Board”), and First Mid, is captioned Parshall v. First BancTrust Corporation, Case No. 1:18-cv-00218 (D. Del.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at [email protected], or at http://rigrodskylong.com/contact-us/.
On December 11, 2017, First Bank entered into an agreement and plan of merger (the “Merger Agreement”) with First Mid. Pursuant to the terms of the Merger Agreement, shareholders of First Bank will receive 0.80 shares of First Mid common stock and $5.00 in cash for each share of First Bank they own (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Registration Statement omits material information with respect to, among other things, First Bank’s and First Mid’s financial projections, the analyses performed by First Bank’s financial advisor, and potential conflicts of interest. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of First Bank common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than April 9, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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