Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches an Investigation of StellarOne Corporation Over the Proposed Sale of the Company to Union First Market Bankshares Corporation
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 StellarOne Corporation (“StellarOne” or the “Company”) (NASDAQ: STEL) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Union First Market Bankshares Corporation (“Union”) (NASDAQ: UBSH) in a deal valued at approximately $437 million. Under the terms of the proposed transaction, StellarOne’s stockholders will receive 0.9739 shares of Union common stock for each share of StellarOne common stock they own or roughly $19.14 based on Union’s closing price on June 10, 2013.
The investigation focuses on whether StellarOne’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of StellarOne’s shareholders.
If you own common stock in StellarOne 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.
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Faruqi & Faruqi, LLP
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Tel: (212) 983-9330
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