NEW YORK, June 28, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Suffolk Bancorp
("SCNB" or the "Company") in connection with the proposed
acquisition of the Company by People's United Financial, Inc.
("PBCT"). On June 27, 2016, the
Company announced it had reached a definitive agreement for PBCT to
acquire all outstanding shares of SCNB in a transaction valued at
approximately $402 million.
Under the terms of the agreement, SCNB shareholders will receive
2.225 shares of PBCT for each SCNB share they own; representing a
consideration of $33.55 per share,
based on PBCT's June 24, 2016 closing
price.
WeissLaw is investigating whether SCNB's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the Company recently announced positive financial results
for the first quarter of 2016. On April 28, 2016, SCNB reported net income
increased by 20.7% year-over-year to $4.8
million, and a 26.5% year-over-year increase in total
outstanding loans.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell SCNB and whether SCNB shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own
SCNB shares and would like more information about your rights or
our investigation, or if you have information to share with us,
please contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP