WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you own shares of Southcoast Financial Corporation (NASDAQ GM: SOCB)?
- Did you purchase any of your shares prior to August 14, 2015?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Southcoast Financial Corporation (“Southcoast” or the “Company”) (NASDAQ GM: SOCB) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by BNC Bancorp (“BNC”) (NASDAQ CM: BNCN), in a transaction valued at approximately $95.5 million.
Click here to learn more: http://rigrodskylong.com/investigations/southcoast-financial-corporation-socb.
Under the terms of the agreement, shareholders of Southcoast will receive a fixed price of $13.35 for each share of Southcoast common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger.
The investigation concerns whether Southcoast’s board of directors failed to adequately shop the Company and obtain the best possible value for Southcoast’s shareholders before entering into an agreement with BNC. According to Yahoo! Finance, at least one analyst has issued a price target for Southcoast stock at $18.18 per share.
If you own the common stock of Southcoast and purchased your shares before August 14, 2015, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to firstname.lastname@example.org, or at: http://rigrodskylong.com/investigations/southcoast-financial-corporation-socb.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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