Rigrodsky & Long, P.A. Announces Investigation Of Sterling Bancorp Buyout
WILMINGTON, Del. -- April 08, 2013
Rigrodsky & Long, P.A.:
*Do you own shares of Sterling Bancorp (NYSE: STL)?
*Did you purchase any of your shares prior to April 4, 2013?
*Do you think the proposed buyout price is too low?
*Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal
claims against the board of directors of Sterling Bancorp, Inc. (“Sterling” or
the “Company”) (NYSE: STL) regarding possible breaches of fiduciary duties and
other violations of law related to the Company’s entry into an agreement to be
acquired by Provident New York Bancorp (“Provident”) (NYSE: PBNY) in a
transaction valued at approximately $344 million.
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Under the terms of the proposal, public shareholders of Sterling will receive
1.2625 shares of Provident for each share of Sterling they own. Based upon
Provident’s closing stock price of $9.08 on April 4, 2013, Sterling
shareholders would have received consideration valued at approximately $11.46
per share. Upon closing, Provident shareholders will own approximately 53% of
stock in the combined company; Sterling shareholders will own approximately
The investigation concerns whether Sterling’s board of directors failed to
adequately shop the Company and obtain the best possible value for Sterling’s
shareholders before entering into an agreement with Provident.
If you own the common stock of Sterling and purchased your shares before April
4, 2013, if you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to these
matters, please contact Seth Rigrodsky or Brian Long at Rigrodsky & Long,
P.A., 2 Righter Parkway, Suite 120, Wilmington, Delaware 19803, by telephone
at (302) 295-5310, or Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate
Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888)
969-4242; by e-mail to email@example.com, or at:
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City,
New York, regularly prosecutes securities class, derivative and direct
actions, shareholder rights litigation and corporate governance litigation, on
behalf of shareholders in states and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Brian D. Long
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