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Law Office of Brodsky & Smith, LLC Announces Investigation of Green Bankshares, Inc.

^{Published on 2011-05-06 17:40:48 - Market Wire}
 

BALA CYNWYD, Pa.--([ BUSINESS WIRE ])--Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Green Bankshares, Inc. (aGreen Banksharesa or the aCompanya) (Nasdaq - GRNB) relating to the proposed acquisition of a 90.1% stake in Green Bankshares by North American Financial Holdings, Inc. (aNorth Americana).

Under the terms of the transaction North American will acquire 90.1% stake in Green Bankshares, which will be composed of approximately 120 million newly issued shares of Green Banksharesa™ common stock at $1.81 per share. Upon consummation of the investment, Green Banksharesa™ current shareholders will receive a Contingent Value Right, entitling them to receive cash proceeds of up to $0.75 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Green Bankshares by not acting in the Companya™s shareholders' best interests in connection with the sale process to Green Bankshares. The transaction may undervalue Green Bankshares as Green Bankshares stock traded at $2.23 on May 3, 2011 and $3.74 on January 25, 2011.

If you own shares of Green Bankshares stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [ investorrelations@brodsky-smith.com ], visiting [ http://brodsky-smith.com/286-grnb-green-bankshares-inc.html ], or by calling toll free 877-LEGAL-90.