Business & Finance
Fri, March 30, 2012
NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating the Board of Directors of Southern Community Financial (aSCMFa or the aCompanya) (Nasdaq: SCMF) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Capital Bank Financial (aCBFa). Under the terms of the transaction, SCMF shareholders may elect to receive payment in either cash or stock. The newly issued shares of CBF will be exchanged at a fixed ratio of 0.131 based on a value for CBF of $22 per share. Subject to certain conditions, SCMF shareholders also will receive non-transferable contingent value rights entitling them to receive up to $1.30 per share in cash five years after the effective date of the transaction. This represents a value of approximately $2.88 per SCMF share.
Click here to learn how to join the action: [ http://www.zlk.com/southern-community-financial-scmf ], or call: 877-363-5972. There is no cost or obligation to you.
The investigation concerns whether the SCMF Board of Directors breached their fiduciary duties to SCMF stockholders by failing to adequately shop the Company before entering into this transaction and whether CBF is underpaying for SCMF shares, thus unlawfully harming SCMF stockholders. In particular, SCMF has reported a book value of $5.80 per share for the most recent quarter.
If you own common stock in SCMF and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [ jlevi@zlk.com ] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or [ http://www.zlk.com ].
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
