WHEELING — A common stockholder has filed a class action lawsuit against a Wheeling financial business and its board members, alleging breach of fiduciary duties.
Paul Parshall, individually and on behalf of all others similarly situated, filed a complaint March 22 in Ohio Circuit Court against First West Virginia Bancorp Inc., CB Financial Services Inc., and 10 board members, alleging violation of Securities and Exchange Commission regulations.
According to the complaint, due to the defendants' wrongful conducts, Parshall will be stripped of his ability to make an informed decision with respect to a proposed merger agreement.
The plaintiff alleges the defendants breached their fiduciary duties to act reasonably for the best interest of the companies' stockholders by failing to disclose all material information relating to proposed merger.
Parshall seeks trial by jury, an order to maintain this case as a collective action and permanently enjoining the defendants from proceeding, consummating and closing the proposed merger, damages, court costs, attorney fees and any further relief the court deems proper and just. He is represented by attorney Mark Matkovich of White Law Offices PLLC in Charleston, and by the firms Rigrodsky & Long PA in Wilmington, Delaware, and RM Law PC in Berwyn, Pennsylvania.
Ohio Circuit Court case number 18-C-68