Levi & Korsinsky is investigating the Board of Directors of Center Financial Corporation (“Center Financial” or the “Company”) (NasdaqGS: CLFC) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Nara Bancorp, Inc. (“Nara Bancorp”) (NasdaqGS: NARA).
New York, NY, January 17, 2011 — Levi & Korsinsky is investigating the Board of Directors of Center Financial Corporation (“Center Financial” or the “Company”) (NasdaqGS: CLFC) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Nara Bancorp, Inc. (“Nara Bancorp”) (NasdaqGS: NARA). Under the terms of the transaction, Center Financial shareholders will receive a fixed ratio of 0.7804 of a share of Nara Bancorp common stock in exchange for each share of Center Financial common stock they own in a stock-for-stock transaction valued at approximately $285.7 million. Based on the closing price on December 8, 2010, the transaction values Center Financial stock at $7.16 per share.
Click here to learn how to join the action: http://www.zlk.com/center-financial-clfc.html, or call: 877-363-5972.
The investigation concerns whether the Center Financial Board of Directors breached their fiduciary duties to Center Financial stockholders by failing to adequately shop the Company before entering into this transaction and whether Nara Bancorp is underpaying for Center Financial shares. In particular, the median price target set by analysts for Center Financial stock is $8.25 per share with at least one analyst setting a price target of $9.00 per share.
If you own common stock in Center Financial and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/center-financial-clfc.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor
New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, http://www.zlk.com
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Contact:
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
http://www.zlk.com
