SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Sterling Bancorp In Connection With The Sale Of The Company To Provident New York Bancorp
NEW YORK, April 9, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Sterling Bancorp (" Sterling" or the "Company") (NYSE: STL) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Provident New York Bancorp ("Provident") (NYSE: PBNY). (Logo: http://photos.prnewswire.com/prnh/20120409/MM84375LOGO ) Click here to learn more about the investigation http://zlk.9nl.com/sterling-bancorp-stl/, or call: 877-363-5972. There is no cost or obligation to you. Under the terms of the transaction, Sterling shareholders will receive 1.2625 shares of Provident for each share of Sterling stock they own, representing a value of approximately $11.12 per Sterling share. The transaction has a total approximate value of $344 million. The investigation concerns whether the Sterling Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Provident is underpaying for Sterling stock, thus unlawfully harming Sterling stockholders. If you own common stock in Sterling 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 http://zlk.9nl.com/sterling-bancorp-stl/. Levi & Korsinsky is a national firm with offices in New York, New Jersey 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:
The ex-dividend date for Provident New York Bancorp (Nasdaq:PBNY) is tomorrow, November 3, 2011. Owners of shares as of market close today will be eligible for a dividend of 6 cents per share. At a price of $6.78 as of 9:30 a.m., the dividend yield is 3.5%.