Under the terms of the transaction, BNC shareholders will receive only 0.5235 of a share of Pinnacle common stock for each share of BNC stock they own. The transaction values BNC stock at only approximately $35.70 per share. The investigation concerns whether the Board of BNC breached their fiduciary duties to shareholders and whether Pinnacle is underpaying for the Company. The transaction may undervalue the Company and may not be in the BNC shareholders best interests. For example, the transaction will result in no real gain for many BNC shareholders and is below an analyst price target.
If you own shares of BNC stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/bnc-bancorp-nasdaq-bncn/, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert--brodsky--smith-llc-announces-an-investigation-of-the-board-of-directors-of-bnc-bancorp--bncn-300397049.html
SOURCE Brodsky & Smith, LLC