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Robbins Arroyo LLP: A Class Action Lawsuit Has Been Filed Against Suffolk Bancorp (SCNB)Shareholder rights law firm Robbins Arroyo LLP announces that a class action lawsuit has been filed against Suffolk Bancorp (NYSE: SCNB) in the Supreme Court for the State of New York, County of Suffolk. The complaint is brought on behalf of shareholders of Suffolk for alleged breaches of fiduciary duties in connection with the acquisition of the company by People's United Financial, Inc. (the "Proposed Transaction"). The complaint alleges that Suffolk officials breached their fiduciary duties by: agreeing to the Proposed Transaction for grossly inadequate consideration; failing to maximize the value of Suffolk to its public stockholders; avoiding competitive bidding; and improperly putting their personal interests ahead of Suffolk's public stockholders. Suffolk oprates as a bank holding company for Suffolk County National Bank, which provides commercial and retail banking services. View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/suffolk-bancorp-aug-2016 Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website. Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160826005781/en/ |
