On or around 01/16/2018 (Notice of voluntarily dismissal)
Filing Date: November 30, 2017
According to the Complaint, Paragon is the parent company of Paragon Bank, which provides a private banking experience to businesses, professionals, executives, entrepreneurs, and other individuals.
On April 26, 2017, the Individual Defendants caused the Company to enter into the Merger Agreement with Towne. Pursuant to the terms of the Merger Agreement, shareholders of Paragon will receive 1.7250 shares of Towne common stock for each share of Paragon common stock. Defendants filed the Proxy Statement with the SEC in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.
This case was voluntarily dismissed on January 16, 2018.
Company & Securities Information
Defendant: Paragon Commercial Corporation
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: PBNC
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
Anthony Franchi, et al. v. Paragon Commercial Corporation, et al.