NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP:
To: All Persons or Entities who purchased Sun Bancorp, Inc. (NASDAQ: SNBC) stock prior to June 30, 2017.
You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Sun Bancorp to OceanFirst Financial Corp. (NASDAQ:OCFC). Under the terms of the transaction, Sun Bancorp shareholders will receive the equivalent of 0.7884 shares of OceanFirst common stock and $3.78 in cash per share of Sun common stock. Sun shareholders may elect to receive stock or cash for their shares, and the merger agreement will include a mechanism whereby the per share cash consideration and the implied value of the stock consideration will be equivalent based on the average OceanFirst share price over the five trading day period ending on the trading day immediately prior to the closing date. Based on the closing price of OceanFirst common stock on June 29, 2017, this represents approximately $25.27 per share. Shareholders owning approximately 39% of Sun’s outstanding common stock have already agreed to tender their shares. To learn more about the action and your rights, go to:
or 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. There is no cost or obligation to you.
Levi & Korsinsky is a national firm with offices in New York, Connecticut, California, and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.