The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Citize...
May 14 2012 - 11:43AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Citizens South Banking Corporation (“Citizens South” or the
“Company”) (Nasdaq: CSBC) for possible breaches of fiduciary duty
and other violations of state law in connection with the sale of
the Company to Park Sterling Corporation (Nasdaq: PSTB). Under the
terms of the agreement, Citizens South shareholders can receive
either $7.00 in cash or 1.4799 Park Sterling shares for each of
their Citizens South shares, as long as 30 percent of the
acquisition will be paid for in cash and 70 percent will be paid
for in stock. The total transaction value is approximately $77.8
million.
Click here to learn how to join the action:
http://www.zlk.com/citizens-south-banking-csbc, or call:
877-363-5972. There is no cost or obligation to you.
The investigation concerns whether the Citizens South Board of
Directors breached their fiduciary duties to Citizens South
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Park Sterling
Corporation is underpaying for Citizens South shares, thus
unlawfully harming Citizens South stockholders.
If you own common stock in Citizens South and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500,
toll-free: (877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York
and Washington D.C. The firm has extensive expertise in prosecuting
securities litigation involving financial fraud, representing
investors throughout the nation in securities and shareholder
lawsuits. The attorneys at Levi & Korsinsky have been appointed
by numerous courts throughout the country to serve as lead counsel
on behalf of shareholders in major securities lawsuits and have
successfully recovered multimillion-dollar damages awards on behalf
of investors. For more information, please feel free to contact any
of the attorneys listed below. Attorney advertising. Prior results
do not guarantee similar outcomes.
Citizens South Banking Corp. (MM) (NASDAQ:CSBC)
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