On or around 09/28/2017 (Notice of voluntarily dismissal)
Filing Date: July 14, 2017
According to the Complaint, on May 1, 2017, ASBB issued a press release announcing it had entered into an Agreement and Plan of Merger (the "Merger Agreement") with First Bancorp.
On June 28, 2017, First Bancorp and ASBB filed a Registration Statement on Form S-4 (the "Registration Statement") with the SEC. The Complaint alleges the Registration Statement, which recommends that ASBB stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) the Company's financial projections, relied upon by ASBB's financial advisor, Keefe, Bruyette & Woods, Inc. ("KBW"), in its financial analyses; (ii) the valuation analyses prepared by KBW in connection with the rendering of its fairness opinion; (iii) the background process leading up to the Proposed Transaction; and (iv) KBW's conflicts of interest.
This case was voluntarily dismissed on September 28, 2017.
Company & Securities Information
Defendant: ASB Bancorp, Inc.
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: ASBB
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Michael Rubin, et al. v. ASB Bancorp, Inc., et al.