Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Savannah Bancorp, Inc. (“Savannah Bancorp” or “SAVB”) (NASDAQ: SAVB) to SCBT Financial Corporation for shareholders. Under the proposed definitive merger agreement, Savannah Bancorp shareholders will receive a fixed ratio of 0.2503 shares of SCBT stock for each share of Savannah Bancorp/SAVB stock owned, which represents a value of approximately $9.31 per share, well below analysts’ estimated value of $10.50 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The investigation centers on whether Savannah Bancorp shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Savannah Bancorp’s stock, and whether Savannah Bancorp’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to at least one analyst with Yahoo! Finance, the true inherent value of Savannah Bancorp may be as high as $10.50 per share. “Due to the lack of significant premium, the size of the deal and other factors, we want to ensure that shareholders are receiving a fair price for their Savannah Bancorp shares. As such, we are prepared to initiate litigation to preserve the shareholders’ rights,” said shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.