SAN DIEGO, June 17, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) ("LegacyTexas") breached their fiduciary duties in connection with the proposed sale of the Company to Prosperity Bancshares, Inc.

On June 17, 2019, LegacyTexas announced that it had signed a definitive merger agreement with Prosperity Bancshares. Under the terms of the merger agreement, stockholders of LegacyTexas will receive 0.5280 shares of Prosperity common stock and $6.28 cash for each LegacyTexas share, subject to certain conditions.  Based on Prosperity's closing price of $67.24 on June 14, 2019, the total consideration was valued at approximately $41.78 per share. However, shareholders will be subject to the future price fluctuation of Prosperity Bancshares stock price.

The investigation concerns whether the LegacyTexas board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for LegacyTexas shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration; especially given that one Wall Street analyst has a $45.50 price target on the stock. The 52-week high for LegacyTexas was $47.18. 

If you are a shareholder of LegacyTexas and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com

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SOURCE Johnson Fistel, LLP