NEW YORK, Oct. 26, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of The Connecticut Bank and Trust Company ("CBT" or the "Company") (NASDAQ: CTBC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB). Under the terms of the transaction, CBT shareholders may elect to receive either 0.3810 Berkshire shares or $8.25 in cash per CBT share they own. The transaction is valued at $7.90 per CBT share, and has a total transaction value of approximately $30 million.
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The investigation concerns whether the CBT Board of Directors breached their fiduciary duties to CBT stockholders by failing to adequately shop the Company before entering into this transaction and whether Berkshire Hills Bancorp, Inc. is underpaying for CBT shares, thus unlawfully harming CBT stockholders.
If you own common stock in CBT and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com/connecticut-bank-trust-ctbc.html.Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. 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 litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 15th Floor New York, NY 10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP