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First Connecticut Bancorp, Inc.

Case Summary

First Connecticut Bancorp, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 08/15/2018 (Ongoing date of last review)

Filing Date: August 14, 2018

According to the Complaint, First Connecticut Bancorp, Inc. ("First Connecticut" or the "Company") is the holding company of Farmington Bank, which has 25 branch locations throughout central Connecticut and western Massachusetts.

On June 19, 2018, First Connecticut issued a press release announcing the Proposed Transaction, pursuant to which First Connecticut will merge with and into People’s United Financial, Inc., with People’s United continuing as the surviving corporation (the “Proposed Transaction”).

The Complaint alleges that on July 25, 2018, in order to convince First Connecticut’s public common shareholders to vote in favor of the Proposed Transaction, Defendants authorized the filing of a materially incomplete and misleading Form S-4 Registration Statement (the “Proxy”) with the SEC, in violation of Sections 14(a) and 20(a) of the Exchange Act. In particular, the Complaint alleges that the Proxy contains materially incomplete and misleading information concerning: (i) financial projections for First Connecticut, People’s United, and the Synergies expected to result from the Proposed Transaction; (ii) the valuation analyses performed by First Connecticut’s financial advisor in support of their fairness opinion; and (iii) the background process leading to the Proposed Transaction.

Company & Securities Information

Defendant: First Connecticut Bancorp, Inc.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FBNK
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

Selwyn Karp, et al. v. First Connecticut Bancorp, Inc., et al.

COURT: D. Maryland
DOCKET #: 18-CV-02496
JUDGE: Hon. Richard D. Bennett
DATE FILED: 08/14/2018
CLASS PERIOD START: 06/19/2018
CLASS PERIOD END: 08/14/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gainey McKenna & Egleston
    440 Park Avenue South, 5th Floor, Gainey McKenna & Egleston, NY 10016
    212.983.1300 212.983.0380 ·
  2. Goldman & Minton, P.C.
    1500 Union Ave, Suite 2300, Goldman & Minton, P.C., MA 21211
    410-783-7575 ·
  3. Monteverde & Associates PC
    350 Fifth Avenue, 59th Floor, Monteverde & Associates PC, NY 10118
    (212) 971-1341 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violation of the Securities Exchange Act of 1934 08/14/2018
2 U.S. District Court Civil Docket 08/15/2018
 
 

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