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SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Files Class Action Suit Against Paragon Commercial Corporation

/EIN News/ -- WILMINGTON, Del., Dec. 20, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:

Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Eastern District of North Carolina on behalf of holders of Paragon Commercial Corporation (“Paragon”) (Nasdaq:PBNC) common stock in connection with the proposed acquisition of Paragon by TowneBank and its affiliate (“Towne”) announced on April 27, 2017 (the “Complaint”).  The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Paragon, its Board of Directors (the “Board”), and Towne, is captioned Franchi v. Paragon Commercial Corporation, Case No. 5:17-cv-00591 (E.D.N.C.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/

On April 26, 2017, Paragon entered into an agreement and plan of merger (the “Merger Agreement”) with Towne.  Pursuant to the terms of the Merger Agreement, shareholders of Paragon will receive 1.7250 shares of Towne common stock for each share of Paragon they own (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a proxy statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission.  The Complaint alleges that the Proxy Statement omits material information with respect to Paragon’s and Towne’s financial projections, the analyses performed by Paragon’s financial advisor, and potential conflicts of interest.  The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Paragon common stock. 

If you wish to serve as lead plaintiff, you must move the Court no later than February 19, 2018.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.

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CONTACT:                                                                                             

Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com

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