Shareholder Alert: Ademi & O’Reilly, LLP Investigates whether Sun Bancorp, Inc. has obtained a Fair Price in its Sale to Oc...
30 Juin 2017 - 4:43PM
Business Wire
Ademi & O’Reilly, LLP is investigating the Board of
Directors of Sun Bancorp. (Nasdaq: SNBC) for possible breaches of
fiduciary duty and other violations of New Jersey law in connection
with the sale of Sun to OceanFirst.
Click here to learn how to join the action:
http://ademilaw.com/case/sun-bancorp or call Guri Ademi toll-free
at 866-264-3995. There is no cost or obligation to you.
Ademi & O’Reilly, LLP alleges Sun’s long-term financial
outlook is improving and yet Sun shareholders will receive the
equivalent of $25.27 per Sun common share or approximately $487
million in the aggregate. OceanFirst is well aware of Sun’s
improving financial metrics and is purchasing Sun at a substantial
discount. The merger agreement unreasonably limits competing bids
for Sun by (i) prohibiting solicitation of any further bids, and
(ii) imposing a termination penalty should Sun receive and accept a
superior bid. Sun insiders, their affiliates and other major
shareholders own significant voting stock, and will receive
millions of dollars as part of change of control arrangements, and
therefore can unduly influence a sale of Sun. Our investigation
centers on the conduct of Sun’s Board of Directors, who have
unanimously approved the transaction, and whether they are (i)
fulfilling their fiduciary duties to all shareholders, and (ii)
obtaining a fair and reasonable price for Sun given its current
financial condition and prospects.
If you own common stock in Sun and wish to obtain additional
information, please contact Guri Ademi either at
gademi@ademilaw.com or toll-free: 866-264-3995, or
http://ademilaw.com/case/sun-bancorp.
We specialize in shareholder litigation involving buyouts,
mergers, and individual shareholder rights throughout the country.
For more information, please feel free to call us. Attorney
advertising. Prior results do not guarantee similar outcomes.
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Ademi & O’Reilly, LLPGuri AdemiToll Free: (866) 264-3995Fax:
(414) 482-8001
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