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Case Status:    DISMISSED    
On or around 08/30/2018 (Other)

Filing Date: May 31, 2018

According to the Complaint, Community Bank, headquartered in Pasadena, California, is an independent and family-owned Southern California regional community bank, founded in 1945. In addition to the Pasadena headquarters office, there are sixteen full-service branches in Southern California. Community Bank’s principal
business is to provide full-service commercial and retail banking services primarily in Southern California. Community offers commercial and retail banking services designed for small and medium-sized businesses, professionals and retail customers located in Los Angeles, Orange, San Bernardino, and Riverside Counties.

This action stems from a proposed transaction announced on February 26, 2018 (the “Proposed Transaction”), pursuant to which Community Bank will be acquired by CVB Financial Corp. (“Parent”) and its wholly-owned subsidiary, Citizens Business Bank (“Merger Sub,” and together with Parent, “CVB”).

On May 8, 2018, Defendants filed a proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The special shareholder meeting at
which Community Bank’s shareholders will vote on the Proposed Transaction is scheduled to take place on June 21, 2018.

The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.

On August 30, 2018, the Court issued an Order dismissing this case for failure to effect service, lack of prosecution, and failure to comply with the order of the Court.


Sector: Financial
Industry: Regional Banks
Headquarters: United States


Ticker Symbol: CYHT
Company Market: OTC-BB
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.
COURT: C.D. California
DOCKET #: 18-CV-04821
JUDGE: Hon. Fernando M. Olguin
DATE FILED: 05/31/2018
CLASS PERIOD END: 05/31/2018
  1. Rigrodsky & Long, P.A.
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available