Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Comm Bancorp, Inc. - CCBP
August 10 2010 - 2:07PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Comm Bancorp, Inc. (“Comm” or the “Company”) (NasdaqGS: CCBP) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to F.N.B.
Corporation ("F.N.B.")(NYSE: FNB). Under the terms of the
transaction, Comm shareholders will receive $10.00 in cash and a
fixed exchange ratio of 3.4545 shares of F.N.B. common stock for
each share of Comm common stock they own. Based on the prior day
closing prices, the transaction values Comm stock at approximately
$39.36 per share for a total transaction value of approximately $70
million.
The investigation concerns whether the Comm Board of Directors
breached their fiduciary duties to stockholders by failing to
adequately shop the Company before entering into this transaction
and whether F.N.B. is underpaying for Comm shares, thus unlawfully
harming Comm stockholders. In particular, Comm shares have traded
as high as $40 per share in July 2009 and, for the most recent
quarter, the Company has reported a book value of $31.13 per share
of which $24.23 is cash.
If you own Comm shares and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone toll-free at: (877) 363-5973 or
visit http://www.zlk.com/comm-bancorp-ccbp.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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