(FBC): Johnson Fistel Investigates Proposed Sale of Flagstar Bancorp; Are Shareholders Getting a Fair Deal?
SAN DIEGO, April 26, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Flagstar Bancorp, Inc. (NYSE: FBC) ("Flagstar" or the "Company") breached their fiduciary duties in connection with the proposed sale of the Company to New York Community Bancorp, Inc. (NYSE: NYCB) ("New York Community").
On April 26, 2021, Flagstar announced that it had entered into a definitive merger agreement with New York Community. Under the terms of the deal, Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share they own. Based on New York Community's closing stock price on April 23, 2021, this represents a total consideration of approximately $48.14 per Flagstar share.
Flagstar shareholders will be subject to the future price fluctuation of the New York Community's stock price.
The investigation concerns whether the Flagstar board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Flagstar shares of common stock. Nationally recognized, Johnson Fistel is investigating whether the proposed deal represents adequate consideration. The 52-week high for Flagstar was $51.58.
If you are a shareholder of Flagstar and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP