SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Sterling Financial Corporation In Connection With Sale Of Company to Umpqua Holdings Corp.
NEW YORK--(BUSINESS WIRE)-- Levi & Korsinsky is investigating the Board of Directors of Sterling Financial Corporation ("Sterling" or the "Company") (NasdaqCM: STSA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Umpqua Holdings Corp. ("Umpqua") (NasdaqGS: UMPQ).
Click here to learn more about the investigation http://zlk.9nl.com/sterling-financial-stsa/, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, Sterling shareholders will receive 1.671 shares of Umpqua common stock and $2.18 in cash for each share of Sterling stock they own; based upon closing prices of Umpqua as of September 11, 2013, this represents a value of $30.52 per share. The transaction has a total approximate value of $2 billion. The investigation concerns, among other things, whether the consideration to be paid to Sterling shareholders is unfair, inadequate, and substantially below the fair or inherent value of Sterling, and whether the Sterling Board is acting in Sterling shareholders' best interests. In particular, institutional investors representing 20.8% of the Company's shares have already agreed to support the transaction in exchange for the ability to designate a member to the post-merger Board of Directors.
If you own Sterling common stock 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 visit http://zlk.9nl.com/sterling-financial-stsa/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey 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. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
Tel: 212-363-7500
Toll Free: 877-363-5972
Fax: 212-363-7171
www.zlk.com
KEYWORDS: United States North America New York
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The article SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Sterling Financial Corporation In Connection With Sale Of Company to Umpqua Holdings Corp. originally appeared on Fool.com.
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