Faruqi & Faruqi, LLP Announces the Investigation of Southcoast Financial Corp. (SOCB) Over the Proposed Sale of the Company to BNC Bancorp
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Southcoast Financial Corp. (“Southcoast” or the “Company”) (NASDAQ: SOCB) for potential breaches of fiduciary duties in connection with the sale of the Company to BNC Bancorp for approximately $95.5 million.
The Company’s stockholders will only receive a fixed price of $13.35 for each share of Southcoast common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger. However, the offer represents a negligible premium compared to the Company’s opening price on August 17,2015 and is below at least one analyst target price of $18.18 per share.
If you own common stock in Southcoast and wish to obtain additional information and protect your investments free of charge, please fill out the form below or 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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