Luther Burbank Corporation

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Ademi LLP is investigating Luther Burbank (NASDAQ: LBC) for possible breaches of fiduciary duty and other violations of law in its transaction with Washington Federal.

Ademi LLP alleges Luther Burbank’s financial outlook and prospects are excellent and yet Luther Burbank holders will receive only 0.3353 shares of Washington Federal common stock for each share of Luther Burbank common stock they own. The transaction agreement unreasonably limits competing bids for Luther Burbank by imposing a significant penalty if Luther Burbank accepts a superior bid. Luther Burbank insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Luther Burbank’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Luther Burbank.