NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of First Financial Holdings, Inc. (“First Financial” or the “Company”) (NasdaqGS: FFCH) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to SCBT Financial Corporation (“SCBT”) (NasdaqGS: SCBT) in a stock-for-stock deal valued at approximately $302.4 million. Under the terms of the proposed transaction, First Financial’s stockholders will receive 0.4237 of a SCBT share per each share of First Financial’s common stock they own. The consideration to be received by First Financial’s shareholders is valued at $19.99 based on today’s SCBT closing price.
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The investigation focuses on whether First Financial’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of First Financial’s shareholders.
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.
If you own common stock in First Financial and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/FFCH or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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