Faruqi & Faruqi, LLP is Seeking More Cash for the Shareholders of Sterling Bancorp (STL)
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Sterling Bancorp (“Sterling” or the “Company”) (NYSE: STL ) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Provident New York Bancorp (“Provident”) (NYSE: PBNY ) in a stock-for-stock deal valued at approximately $344 million. Under the terms of the proposed transaction, Sterling’s stockholders will receive 1.2625 shares of Provident common stock for each share of Sterling common stock they own. The consideration to be received by Sterling’s shareholders is valued at $11.12 based on April 3 closing prices.
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The investigation focuses on whether Sterling’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 Sterling’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 Sterling and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/STL 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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Faruqi & Faruqi, LLP
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Attn: Juan E. Monteverde, Esq.
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