Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of South Financial Group Inc. - TSFG
17 Maio 2010 - 12:13PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
South Financial Group Inc. (“South Financial” or the “Company”)
(NasdaqGS: TSFG) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to TD Bank Financial Group ("TD Bank") (NYSE: TD).
Under the terms of the transaction, shareholders will receive, at
each shareholder’s election, $0.28 in cash or 0.004 shares of TD
Bank common stock per TSFG common share for a total of
approximately $61 million in cash or TD Bank common stock (based on
TD Bank’s closing stock price on May 14, 2010). In addition,
immediately prior to completion of the merger, the United States
Department of the Treasury will sell to TD Bank its $347 million of
TSFG preferred stock and the associated warrant acquired under the
Treasury’s Capital Purchase Program and discharge all accrued but
unpaid dividends on that stock for total cash consideration of
approximately $130.6 million.
The investigation concerns whether the South Financial Board of
Directors breached their fiduciary duties to South Financial
stockholders by failing to adequately shop the Company before
entering into this transaction and whether TD Bank is underpaying
for South Financial shares, thus unlawfully harming South Financial
stockholders. In particular, the offer price is below the $0.65
share price that South Financial stock closed at on May 14, 2010
and below the $0.99 share price that the Company's stock traded at
as recently as April 15, 2010. Also, at least one analyst set a
price target for South Financial stock at $3.50 per share and the
median target set by analysts is $0.88 per share.
If you own common stock in South Financial 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 or
visit http://www.zlk.com/south-financial-group-tsfg.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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