Savannah Bancorp Investor Alert: The Securities Attorneys at The Briscoe Law Firm & Powers Taylor, LLP Announce Investigation...
August 09 2012 - 10:34AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Savannah Bancorp, Inc. (“Savannah
Bancorp” or “SAVB”) (NASDAQ: SAVB) to SCBT Financial Corporation
for shareholders. Under the proposed definitive merger agreement,
Savannah Bancorp shareholders will receive a fixed ratio of 0.2503
shares of SCBT stock for each share of Savannah Bancorp/SAVB stock
owned, which represents a value of approximately $9.31 per share,
well below analysts’ estimated value of $10.50 per share.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The investigation centers on whether Savannah Bancorp
shareholders are receiving adequate compensation for their shares
in the buyout, whether the transaction undervalues Savannah
Bancorp’s stock, and whether Savannah Bancorp’s board attempted to
obtain the highest share price for all shareholders prior to
agreeing to the deal. According to at least one analyst with Yahoo!
Finance, the true inherent value of Savannah Bancorp may be as high
as $10.50 per share. “Due to the lack of significant premium, the
size of the deal and other factors, we want to ensure that
shareholders are receiving a fair price for their Savannah Bancorp
shares. As such, we are prepared to initiate litigation to preserve
the shareholders’ rights,” said shareholder rights attorney Willie
Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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