NEW YORK, Aug. 19, 2015 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities firm headquartered in
New York City, is investigating
the Board of Directors of Southcoast Financial Corp.
("Southcoast" or the "Company") (NASDAQ: SOCB) for potential
breaches of fiduciary duties in connection with the sale of the
Company to BNC Bancorp for approximately $95.5 million.
The Company's stockholders will only 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. However, the offer represents a
negligible premium compared to the Company's opening price on
August 17, 2015 and is below at least
one analyst target price of $18.18
per share.
Click here for more information:
www.faruqilaw.com/SOCB. There is no cost or obligation to
you.
The investigation focuses on whether Southcoast's Board of
Directors breached their fiduciary duties to the Company's
stockholders by failing to conduct a fair sales process and whether
and by how much this proposed transaction undervalues the Company
to the detriment of Southcoast'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. To keep track of the
latest securities litigation news, follow us on Twitter at
www.twitter.com/MergerActivity or on Facebook at
www.facebook.com/FaruqiLaw.
If you own common stock in Southcoast and wish to obtain
additional information and protect your investments free of charge,
please visit us at www.faruqilaw.com/SOCB or contact Juan E. Monteverde, Esq. either via e-mail at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Contact:
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
jmonteverde@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
Attorney Advertising. (C) 2015 Faruqi & Faruqi, LLP.
The law firm responsible for this advertisement is Faruqi &
Faruqi, LLP (www.faruqilaw.com). Prior results do not
guarantee or predict a similar outcome with respect to any future
matter. We are happy to discuss your particular case.
Logo -
http://photos.prnewswire.com/prnh/20120119/MM38856LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/southcoast-shareholder-notice-faruqi--faruqi-llp-announces-the-investigation-of-southcoast-financial-corp-socb-over-the-proposed-sale-of-the-company-to-bnc-bancorp-300130833.html
SOURCE Faruqi & Faruqi, LLP