NEW YORK, May1, 2014 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of OmniAmerican Bancorp ("OmniAmerican" or "the Company") (Nasdaq: OABC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Southside Bancshares, Inc. ("Southside") (Nasdaq: SBSI).
Click here to learn more about the investigation: http://www.zlkdocs.com/OABC-Info-Request-Form-1785, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, shareholders will receive 0.4459 shares of Southside common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock. Based on Southside's closing stock price of $30.46 on April 28, 2014, the per share value of consideration to OmniAmerican shareholders would be $26.71. The transaction is currently valued at approximately $307 million. The investigation concerns whether the OmniAmerican Board of directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Southside is underpaying for OmniAmerican shares.
If you own OmniAmerican common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlkdocs.com/OABC-Info-Request-Form-1785.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have 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.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
SOURCE Levi & Korsinsky, LLP