Business & Finance
Fri, July 29, 2011Thu, July 28, 2011Wed, July 27, 2011Tue, July 26, 2011Mon, July 25, 2011Sun, July 24, 2011Sat, July 23, 2011Fri, July 22, 2011Thu, July 21, 2011Wed, July 20, 2011Tue, July 19, 2011Mon, July 18, 2011Sun, July 17, 2011Sat, July 16, 2011Fri, July 15, 2011Ryan & Maniskas, LLP Announces Investigation of Green Bankshares, Inc.
//business-finance.news-articles.net/content/201 .. unces-investigation-of-green-bankshares-inc.html
Published in Business and Finance on Friday, July 22nd 2011 at 13:05 GMT by Market WireWAYNE, Pa.--([ BUSINESS WIRE ])--Ryan & Maniskas, LLP ([ www.rmclasslaw.com/cases/grnb ]) 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.
Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by Companya™s board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Green Bankshares. For more information regarding our investigation, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [ rmaniskas@rmclasslaw.com ] or visit: [ www.rmclasslaw.com/cases/grnb ].
If you own shares of Green Bankshares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: [ www.rmclasslaw.com/cases/grnb ]. You may also email Mr. Maniskas at [ rmaniskas@rmclasslaw.com ]. For more information about class action cases in general, please visit our website: [ www.rmclasslaw.com ].
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
