Opus Bank

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Ademi & O’Reilly, LLP is investigating Opus Bank (Nasdaq: OPB) for possible breaches of fiduciary duty and other violations of the law in connection with the sale to Pacific.

Ademi & O’Reilly, LLP alleges Opus Bank’s financial outlook is improving and yet shareholders will receive only 0.90 shares of Pacific Premier common stock for each share of Opus Bank common stock they own, or approximately $26.82 based on Pacific’s stock price on January 31, 2020. The merger agreement unreasonably limits competing bids for Opus Bank by prohibiting solicitation of further bids, and imposing a termination penalty if Opus Bank accepts a superior bid. Opus Bank insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Opus Bank’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 Opus Bank.