Levi & Korsinsky, LLP Investigates Possible Breach Of Fiduciary Duty By The Board Of Southern Connecticut Bancorp Inc.- SSE
Levi & Korsinsky is investigating potential claims against the Board of Directors of Southern Connecticut Bancorp Inc. (“SCBI” or the “Company”) (AMEX: SSE) in connection with the proposed sale of the Company to Naugatuck Valley Financial Corporation ("NVFC") (NasdaqGM: NVSL). Under the terms of the transaction, SCBI shareholders are to $7.25 per share in cash and NVFC stock for each SCBI share they own, subject to proration, for a total transaction value of approximately $19.5 million.
The investigation concerns whether the SCBI Board of Directors breached their fiduciary duties to SCBI stockholders by failing to adequately shop the Company before entering into this transaction and whether NVFC is underpaying for SCBI shares, thus unlawfully harming SCBI stockholders. In particular, the Company has $28.31 million, or over $10 per share, in cash against total debt of only $1.41 million.
If you are a current holder of SCBI and would like additional information, please contact us at the number listed below or visit http://www.zlk.com/sse1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
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