Faruqi & Faruqi, LLP Launches An Investigation Against Bank SunTrust Banks, Inc. (STI) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of SunTrust Banks, Inc. (“SunTrust” or the “Company”) (NYSE: STI) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval of SunTrust Bank’s 2009 Stock Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on March 10, 2014, the Board of Directors recommends that SunTrust’s shareholders vote to approve the issuance of 8,302,397 shares under the 2009 Stock Plan. The issuance of these shares could have a substantial dilutive effect on the shares of SunTrust common stock.
If you own common stock in SunTrust and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.