We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Select Bancorp, Inc. (“Select Bancorp” or the “Company”) (NASDAQ: SLCT) in connection with the proposed acquisition of the Company by First Bancorp (NASDAQ: FBNC).  Under the terms of the merger agreement, Select Bancorp shareholders will receive 0.408 shares of First Bancorp common stock for each Select Bancorp share that they own, representing implied per-share merger consideration of approximately $18.53 based upon First Bancorp’s June 1, 2021 closing price of $45.41.  The proposed transaction is valued at approximately $314.3 million.

WeissLaw LLP is investigating whether (i) Select Bancorp’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the board was fully informed as to the valuation of the proposed acquisition of the Company, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.

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 (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

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