STEVENSON, Md., Aug. 28, 2015 /PRNewswire/ -- The securities
litigation law firm of Brower Piven, A Professional Corporation,
has commenced an investigation into possible breaches of fiduciary
duty and other violations of state law by the Board of Directors of
Southcoast Financial Corp. ("Southcoast" or the "Company")
(NasdaqGM: SOCB) relating to the proposed buyout of the Company by
BNC Bancorp for approximately $95.5
million.
Under the terms of the transaction, Southcoast shareholders are
anticipated to 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. The transaction may undervalue Southcoast and may
result in a substantial loss for many shareholders. According
to Yahoo! Finance, at least one Wall Street analyst has
issued a price target for Southcoast stock at $18.18 per share.
The firm's investigation seeks to determine, among other things,
whether the Company's Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company's shares of common
stock.
If you currently own common stock of Southcoast and believe that
the proposed buyout price is too low, or you would like to learn
more about the investigation being conducted by Brower Piven,
please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
CONTACT:
Charles J. Piven / Brower Piven, A
Professional Corporation
1925 Old Valley Road / Stevenson,
Maryland 21153
Telephone: 410-415-6616 / hoffman@browerpiven.com
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SOURCE Brower Piven, A Professional Corporation