WashingtonFirst Bankshares, Inc. Securities Litigation
On or around 09/11/2017 (Court's order of dismissal)
Filing Date: August 01, 2017
According to the Complaint, on May 15, 2017, WashingtonFirst’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”) with Sandy Spring. Pursuant to the terms of the Merger Agreement, stockholders of WashingtonFirst will receive 0.8713 shares of Sandy Spring common stock for each share owned of WashingtonFirst common stock.
On July 20, 2017, Defendants filed a Form S-4 Registration Statement (the “Registration Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint alleges the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.
On September 8, 2017, Defendants filed a Motion to Dismiss this case. The case was voluntarily dismissed by the Plaintiff on September 11.
Company & Securities Information
Defendant: WashingtonFirst Bankshares, Inc.
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: WFBI
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
Paul Parshall, et al. v. WashingtonFirst Bankshares, Inc., et al.