IBERIABANK Corporation

Stock Symbol: 
IBKC
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating IBERIABANK (Nasdaq: IBKC) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of IBERIABANK to First Horizon.

Ademi & O’Reilly, LLP alleges IBERIABANK’s financial outlook is improving and yet shareholders will receive only 4.584 shares of First Horizon for each IBERIABANK share they own. First Horizon shareholders will own 56% and IBERIABANK shareholders will own 44% of the combined company in this “merger of equals”. The merger agreement unreasonably limits competing bids for IBERIABANK by prohibiting solicitation of further bids, and imposing a termination penalty if IBERIABANK accepts a superior bid. IBERIABANK insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of IBERIABANK’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for IBERIABANK.