The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Southe...
March 27 2012 - 12:12PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Southern Community Financial (“SCMF” or the “Company”) (Nasdaq:
SCMF) for possible breaches of fiduciary duty and other violations
of state law in connection with the sale of the Company to Capital
Bank Financial (“CBF”). Under the terms of the transaction, SCMF
shareholders may elect to receive payment in either cash or stock.
The newly issued shares of CBF will be exchanged at a fixed ratio
of 0.131 based on a value for CBF of $22 per share. Subject to
certain conditions, SCMF shareholders also will receive
non-transferable contingent value rights entitling them to receive
up to $1.30 per share in cash five years after the effective date
of the transaction. This represents a value of approximately $2.88
per SCMF share.
Click here to learn how to join the action:
http://www.zlk.com/southern-community-financial-scmf, or call:
877-363-5972. There is no cost or obligation to you.
The investigation concerns whether the SCMF Board of Directors
breached their fiduciary duties to SCMF stockholders by failing to
adequately shop the Company before entering into this transaction
and whether CBF is underpaying for SCMF shares, thus unlawfully
harming SCMF stockholders. In particular, SCMF has reported a book
value of $5.80 per share for the most recent quarter.
If you own common stock in SCMF and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York
and Washington D.C. The firm has extensive expertise in prosecuting
securities litigation involving financial fraud, representing
investors throughout the nation in securities and shareholder
lawsuits. The attorneys at Levi & Korsinsky have been appointed
by numerous courts throughout the country to serve as lead counsel
on behalf of shareholders in major securities lawsuits and have
successfully recovered multimillion-dollar damages awards on behalf
of investors. For more information, please feel free to contact any
of the attorneys listed below. Attorney advertising. Prior results
do not guarantee similar outcomes.
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