The Law Firm Of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Citizens South Banking Corporation In Connection With The Sale Of The Company To Park Sterling Corporation
NEW YORK, May 16, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Citizens South Banking Corporation ("Citizens South" or the "Company") (Nasdaq: CSBC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Park Sterling Corporation (Nasdaq: PSTB). Under the terms of the agreement, Citizens South shareholders can receive either $7.00 in cash or 1.4799 Park Sterling shares for each of their Citizens South shares, as long as 30 percent of the acquisition will be paid for in cash and 70 percent will be paid for in stock. The total transaction value is approximately $77.8 million. (Logo: http://photos.prnewswire.com/prnh/20120409/MM84375LOGO ) Click here to learn how to join the action: http://www.zlk.com/citizens-south-banking-csbc, or call: 877-363-5972. There is no cost or obligation to you. The investigation concerns whether the Citizens South Board of Directors breached their fiduciary duties to Citizens South stockholders by failing to adequately shop the Company before entering into this transaction and whether Park Sterling Corporation is underpaying for Citizens South shares, thus unlawfully harming Citizens South stockholders. If you own common stock in Citizens South 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 http://www.zlk.com. 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. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com
Shares of Citizens South Banking Corporation (Nasdaq:CSBC) have taken a tremendous swing upward. The stock is trading at $6.11 as of 9:30 a.m. ET, 22.2% above Friday's closing price of $5. Volume is at 1,525, 0.1 times the daily average of 18,200.