Select Bancorp, Inc.

Practice Area: 
Stock Symbol: 
Case Status: 

Ademi LLP is investigating Select (Nasdaq: SLCT) for possible breaches of fiduciary duty and other violations of law in its transaction with First Bancorp.

Ademi LLP alleges Select’s financial outlook is excellent and yet Select shareholders will receive only 0.408 shares of First Bancorp's common stock for each share of Select common stock or $18.10 per share, based on First Bancorp's stock price as of May 28, 2021. The merger agreement unreasonably limits competing bids for Select by prohibiting solicitation of further bids, and imposing a termination penalty if Select accepts a superior bid. Select insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Select’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 Select.