SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces Investigation of The Board of Directors of Palmetto Bancshares Inc.
April 27 2015 - 9:35PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
Palmetto Bancshares Inc. ("Palmetto” or "the Company") (Nasdaq:
PLMT) for possible breaches of fiduciary duty and other violations
of state law in connection with the sale of the Company to United
Community Banks, Inc. (“United”).
Click here to learn more about the investigation
http://brodsky-smith.com/921-plmt-palmetto-bancshares-inc.html, or
call: 877-534-2590. There is no cost or obligation to you.
Under the terms of the transaction, Palmetto shareholders will
receive only $19.25 in cash for each share of Palmetto stock they
own. The investigation concerns whether the Board of Palmetto
breached their fiduciary duties to shareholders by failing to
adequately shop the Company before agreeing to enter into this
transaction, and whether United is underpaying for Palmetto. The
transaction may both undervalue Palmetto and would result no real
gain for many holders of Palmetto stock. The $19.25 price being
paid to shareholders is below analyst price targets, below the
price Palmetto stock has traded, and is below the premium paid in
comparable transactions.
In addition, Palmetto is a 108-year old community bank that has
served South Carolina through 25 branch locations in nine counties
along the I-85 corridor. Palmetto has total assets of $1.2 billion,
loans of $832 million and deposits of $967 million.
If you own shares of Palmetto and wish to discuss the legal
ramifications of the investigation, or have any questions, you may
e-mail or call the law office of Brodsky & Smith, LLC who will,
without obligation or cost to you, attempt to answer your
questions. You may contact Jason L. Brodsky, Esquire or Evan J.
Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
510, Bala Cynwyd, PA 19004, by visiting
http://brodsky-smith.com/921-plmt-palmetto-bancshares-inc.html, or
calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive
expertise representing shareholders throughout the nation in
securities and class action lawsuits. The attorneys at Brodsky
& Smith have been appointed by numerous courts throughout the
country to serve as lead counsel in class actions and have
successfully recovered millions of dollars for our clients and
shareholders. Attorney advertising. Prior results do not guarantee
a similar outcome.
Brodsky & Smith, LLCJason L. Brodsky, EsquireEvan J. Smith,
Esquire877-LEGAL-90http://brodsky-smith.com/921-plmt-palmetto-bancshares-inc.html
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