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Case Status:    ONGOING    
On or around 04/02/2020 (Date of last review)

Filing Date: March 27, 2020

According to the Complaint, Business First Bancshares, Inc., through its banking subsidiary b1BANK, operates twenty-six banking centers in markets across Louisiana and Texas.

This action stems from a proposed transaction announced on January 22, 2020, pursuant to which Business First Bancshares, Inc. will merge with Pedestal Bancshares, Inc. On January 22, 2020, Business First’s Board of Directors caused the Company to enter into an agreement and plan of merger with Pedestal (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Pedestal will merge with and into Business First, with Business First surviving, and shareholders of Pedestal will receive 1.745 shares of Business First common stock for each share of Pedestal common stock they own.

On March 4, 2020, Defendants filed a proxy statement/prospectus with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Prospectus, which recommends that Business First’s stockholders vote to approve the Proposed Transaction at a special meeting scheduled for April 14, 2020, omits material information, which renders the Prospectus false and misleading.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BFST
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.
COURT: D. Delaware
DOCKET #: 20-CV-00438
JUDGE: Hon. Leonard P. Stark
DATE FILED: 03/27/2020
CLASS PERIOD START: 01/22/2020
CLASS PERIOD END: 03/27/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rigrodsky & Long, P.A. (Wilmington)
  2. RM Law, P.C. (Berwyn)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available