The Law Firm Of Levi & Korsinsky, LLP Launches An Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of State Bancorp, Inc. In Connection With The Sale Of The Company To Valley National Bancorp – STBC
Levi & Korsinsky is investigating the Board of Directors of State
Levi & Korsinsky is investigating the Board of Directors of State Bancorp, Inc. (“State Bancorp” or the “Company”) (Nasdaq: STBC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Valley National Bancorp (NYSE: VLY). Under the terms of the transaction, State Bancorp shareholders will receive one share of Valley National Bancorp stock per each State Bancorp share they own. The transaction has a total value of approximately $222 million. Click here to learn how to join the action: http://www.zlk.com/state-bancorp-stbc.html, or call: 877-363-5972. The investigation concerns whether the State Bancorp Board of Directors breached their fiduciary duties to State Bancorp stockholders by failing to adequately shop the Company before entering into this transaction and whether Valley National Bancorp, Inc. is underpaying for State Bancorp shares, thus unlawfully harming State Bancorp stockholders. If you own common stock in State Bancorp and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/state-bancorp-stbc.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions 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.
In an exclusive interview with TheStreet, State Bancorp president and CEO Thomas O'Brien discusses the bank's merger with Valley National Bancorp, regulatory challenges and the market conditions for banks on Long Island.
Shares of State Bancorp (Nasdaq:STBC) have taken a tremendous swing upward. The stock is trading at $13.19 as of 3:57 p.m. ET, 20.4% above Thursday's closing price of $10.96. Volume is at 529,291, 19.2 times the daily average of 27,600.