Law Offices of Howard G. Smith announces that it is investigating potential claims against the Board of Directors of Sterling Financial Corporation (“Sterling” or the “Company”) (NASDAQ:STSA) related to the proposed acquisition of the Company by Umpqua Holdings Corp. The transaction is valued at approximately $1.9 billion, and under the terms of the agreement Sterling shareholders will receive $1.671 shares of Umpqua common stock and $2.18 in cash for each share of Sterling common stock owned.
This investigation concerns whether the Board of Directors of Sterling breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has skyrocketed from $20.01 on November 27, 2012 to $27.72 on September 9, 2013. Further, at least one analyst has set a target price for the Company’s stock at $30 per share.
If you are a shareholder of Sterling, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
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