Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Southern Connecticut Bancorp, Inc. (“SCBI” or the “Company”) (AMEX: SSE) relating to the proposed acquisition by Naugatuck Financial Corp. (“Naugatuck”). Under the terms of the transaction, SCBI shareholders will receive $7.25 per share in cash and stock subject to proration.
The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the SCBI board’s approval of the proposed merger. The transaction appears to be unfair, in part, given that SCBI stock was trading at $6.90 a share as recently as February 27, 2009 and was trading at $6.20 a share on July 14, 2009. Further, the Company appears to have a substantial amount of cash reserves.
If you own shares of SCBI and wish to discuss the legal ramifications of the proposed acquisition, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at
, or by calling toll free 877-LEGAL-90.