WeissLaw LLP Files Class Action Lawsuit Against ASB Bancorp, Inc.

NEW YORK, Aug. 3, 2017 /PRNewswire/ -- WeissLaw LLP announced that a class action was commenced in the United States District Court for the Western District of North Carolina on behalf of shareholders of ASB Bancorp, Inc. ("ASB Bancorp") (NASDAQ: ASBB) seeking to pursue remedies under the Securities and Exchange Act of 1934 (the "Exchange Act") in connection with the proposed acquisition of ASB Bancorp by First Bancorp ("FBNC") (NASDAQ: FBNC).

On May 1, 2017, ASB Bancorp and FBNC announced that they had entered into a definitive agreement pursuant to which FBNC will acquire all outstanding shares of ASB Bancorp in a cash-and-stock transaction valued at approximately $175 million ("Proposed Transaction"). Under the terms of the agreement, ASB Bancorp shareholders will receive 1.44 shares of FBNC or $41.90 in cash, or a combination thereof, for each share held.

The complaint seeks injunctive relief on behalf of the named plaintiff and all ASB Bancorp shareholders. The plaintiff is represented by WeissLaw, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.  The complaint further alleges that in an attempt to secure shareholder approval for the merger, the defendants filed a materially false and/or misleading Registration Statement with the SEC in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to ASB Bancorp shareholders' ability to make an informed decision whether to approve the Proposed Transaction.

If you wish to serve as lead plaintiff, you must move the Court no later than sixty (60) days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Joshua M. Rubin of WeissLaw at 888.593.4771, or by e-mail at [email protected].  Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing please email us at [email protected].

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SOURCE WeissLaw LLP