Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of State Bancorp, Inc. (Nasdaq:STBC) arising from its proposed acquisition by Valley National Bancorp (NYSE:VLY).
Under the terms of the acquisition agreement, State Bancorp stockholders will receive a fixed one for one exchange ratio for Valley stock, after adjusting for Valley’s recently declared five percent stock dividend. The acquisition is expected to close in the third quarter this year.
Weiss & Lurie is investigating whether State Bancorp’s Board acted in the best interests of shareholders in approving the transaction and whether the Board adequately shopped the Company prior to entering into the acquisition agreement. Notably, several analysts set the price target for the stock at or above $14.00 per share.
If you own State Bancorp shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at
or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at
or fill out the form on our website,
Attorney Advertising. Past results do not guarantee a similar outcome.