NEW YORK, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of CIT Group Inc. (NYSE: CIT) breached their fiduciary duties or violated the federal securities laws in connection with the company’s merger with First Citizens BancShares, Inc. (NASDAQ: FCNCA).
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On October 16, 2020, CIT Group announced that it had signed an agreement to be acquired by First Citizens. Pursuant to the merger agreement, CIT Group stockholders will receive 0.0620 shares of First Citizens common stock for each share of CIT Group common stock owned. The deal is scheduled to close in the first half of 2021.
Bragar Eagel & Squire is concerned that CIT Group’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for CIT Group’s stockholders.
If you own shares of CIT Group and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at email@example.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.