Bear State Financial Inc., its board and would-be acquirer Arvest Bank Group Inc. are facing a shareholder lawsuit in connection with their pending merger.

Plaintiff Paul Parshall claims the Arkansas-based companies' proxy statement omitted material information regarding their deal, and is therefore false and misleading. Specifically, the filing did not disclose the projections that financial adviser Raymond James actually used in its valuation analysis, nor certain other non-GAAP metrics used in calculations.

Parshall said he is, and has continuously been throughout relevant times, a Bear State stockholder. Parshall has been a plaintiff in a number of other merger-related suits.

The lawsuit was filed Oct. 13 in the U.S. District Court for the Eastern District of Arkansas.