Robbins Umeda LLP Announces an Investigation of the Acquisition of Center Financial Corporation by Nara Bancorp, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (“Board”) of Center Financial Corporation (“Center Financial” or the “Company”) (NASDAQ: CLFC) in connection with their efforts to sell Center Financial to Nara Bancorp, Inc. (“Nara”) (NASDAQ: NARA). If the transaction is completed, Center Financial shareholders will receive 0.7804 shares of Nara common stock for each share of Center Financial common stock they hold, for an implied value of $6.77 per share based on Center Financial’s December 9, 2010 closing price. The transaction is expected to be completed in the second half of 2011.
Robbins Umeda LLP’s investigation concerns whether Center Financial’s Board undertook a fair process to obtain fair consideration for all shareholders of Center Financial. Specifically, our investigation concerns whether members of the Company’s Board breached their fiduciary duties to Center Financial shareholders by failing to adequately shop the Company before entering into the transaction with Nara.
If you are a shareholder of Center Financial, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.