NEW YORK, March 14, 2014 /PRNewswire/ -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of SunTrust Banks, Inc. ("SunTrust" or the "Company") (NYSE: STI) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval of SunTrust Bank's 2009 Stock Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on March 10, 2014, the Board of Directors recommends that SunTrust's shareholders vote to approve the issuance of 8,302,397 shares under the 2009 Stock Plan. The issuance of these shares could have a substantial dilutive effect on the shares of SunTrust common stock.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.If you own common stock in SunTrust and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/STI or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330. Contact: