We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Luther Burbank Corporation (“Luther Burbank” or the “Company”) (NASDAQ: LBC) in connection with its takeover by Washington Federal, Inc. (“Washington Federal”) (NASDAQ: WAFD).  Under the merger agreement, the Company’s shareholders will receive 0.3353 shares of Washington Federal common stock for each Luther Burbank share, representing implied per-share consideration of $12.79 based upon Washington Federal’s November 11, 2022 closing price of $38.15.  The transaction is valued at approximately $654 million.

Weiss Law is investigating whether (i) Luther Burbank’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the merger consideration adequately compensates Luther Burbank’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.