On or around 02/26/2019 (Court's order of dismissal)
Filing Date: February 06, 2018
According to the law firm press release, on December 11, 2017, First Banc Trust Corporation ("First Bank") entered into an agreement and plan of merger (the “Merger Agreement”) with First Mid-Illinois Bancshares, Inc. and its affiliate ("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.
This case was voluntarily dismissed on March 16, 2018.
Company & Securities Information
Defendant: First BancTrust Corporation
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: FIRT
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
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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. First BancTrust Corporation, et al.