Citizens South Banking Alert: The Securities Attorneys at The Briscoe Law Firm & Powers Taylor, LLP Announce Investigation of...
May 14 2012 - 2:26PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Citizens South Banking
Corporation (“Citizens South” or “CSBC”) (NASDAQ: CSBC) to Park
Sterling Corporation for shareholders. Under the proposed
acquisition agreement, Citizens South shareholders will receive
either $7.00 in cash or 1.4799 Park Sterling shares for each
Citizens South share they hold, subject to the limitation that the
total consideration will consist of 30% in cash and 70% in Park
Sterling shares.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The transaction is valued at approximately $77.8 million.
The investigation centers on whether Citizens South shareholders
are receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Citizens South stock, and
whether Citizens South’s board attempted to obtain the highest
share price for all shareholders prior to agreeing to the deal.
Specifically, based on the nature of the transaction, and because
of the limitations on cash and stock exchanged in the acquisition,
the value to CSBC shareholders is uncertain. Moreover, in the past
two years, Park Sterling shares have steadily declined in value.
According to shareholder rights attorney Willie Briscoe, “We are
concerned both that the value paid to CSBC is uncertain and that
shareholders may not be receiving a fair price for their Citizens
South shares. Our goal is to continue to investigate this merger
and take all necessary steps to ensure that the shareholders are
protected.”
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
Citizens South Banking Corp. (MM) (NASDAQ:CSBC)
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