Pacific Mercantile Bancorp (NASDAQ:PMBC) Investor Investigation Over Possible Breaches Of Fiduciary Duties Announced

If you are a current long-term stockholder in shares of Pacific Mercantile Bancorp (NASDAQ:PMBC), you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Pacific Mercantile Bancorp
Affected Securities: 

April 29, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders in Pacific Mercantile Bancorp (NASDAQ:PMBC) shares was announced concerning whether certain officer and directors of Pacific Mercantile Bancorp breached their fiduciary duties in connection certain financial statements.

The investigation by a law firm concerns whether certain Pacific Mercantile Bancorp officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls.

Pacific Mercantile Bancorp reported that its Net Income declined from $11.63 million in 2011 to $9.65 million in 2012.

The total compensation of certain top officials at Pacific Mercantile Bancorp increased between 2011 and 2012. For instance, the President and CEO’s pay rose from over $1.00 million in 2011 to over $1.81million in 2012 and the total compensation of the President for the Mortgage Division of the Bank increased from over $511,000 in 2011 to over $1.24 million in 2012.

Shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) grew from $2.97 per share in October 2011 to as high as $7.26 per share in October 2012.

On April 29, 2013, NASDAQ:PMBC shares closed at $6.04 per share.