Robbins Arroyo LLP: A Class Action Lawsuit Has Been Filed Against Suffolk Bancorp (SCNB)
August 26 2016 - 4:32PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action lawsuit has been filed against Suffolk Bancorp (NYSE:
SCNB) in the Supreme Court for the State of New York, County of
Suffolk. The complaint is brought on behalf of shareholders of
Suffolk for alleged breaches of fiduciary duties in connection with
the acquisition of the company by People's United Financial, Inc.
(the "Proposed Transaction"). The complaint alleges that Suffolk
officials breached their fiduciary duties by: agreeing to the
Proposed Transaction for grossly inadequate consideration; failing
to maximize the value of Suffolk to its public stockholders;
avoiding competitive bidding; and improperly putting their personal
interests ahead of Suffolk's public stockholders. Suffolk operates
as a bank holding company for Suffolk County National Bank, which
provides commercial and retail banking services.
View this press release on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/suffolk-bancorp-aug-2016
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160826005781/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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