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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of The Savannah Bancorp, Inc. In Connection With The Sale Of The Company To SCBT Financial Corporation
Levi & Korsinsky is investigating the Board of Directors of The Savannah Bancorp, Inc. (“SAVB” or the “Company”) (Nasdaq: SAVB) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to SCBT Financial Corporation (Nasdaq: SCBT).
Click here to learn more about the investigation:
http://zlk.9nl.com/the-savannah-bancorp-savb/, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, SAVB shareholders will receive 0.2503 shares of SCBT Financial Corporation common stock for each share they own; based on the recent closing price of SCBT stock, this represents a value of approximately $9.31 per share. The transaction has a total approximate value of $67.1 million. The investigation concerns whether the SAVB Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether SCBT Financial Corporation is underpaying for SAVB shares, thus unlawfully harming SAVB stockholders. In particular, SAVB has a reported Book Value of $11.63 per share for the most recent quarter, and at least one analyst set a price target for SAVB stock at $10.50 per share.
If you own common stock in SAVB 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 visit
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. 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 securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.