NEW YORK, June 28, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Suffolk Bancorp ("SCNB" or the "Company") in connection with the proposed acquisition of the Company by People's United Financial, Inc. ("PBCT"). On June 27, 2016, the Company announced it had reached a definitive agreement for PBCT to acquire all outstanding shares of SCNB in a transaction valued at approximately $402 million. Under the terms of the agreement, SCNB shareholders will receive 2.225 shares of PBCT for each SCNB share they own; representing a consideration of $33.55 per share, based on PBCT's June 24, 2016 closing price.
WeissLaw is investigating whether SCNB's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results for the first quarter of 2016. On April 28, 2016, SCNB reported net income increased by 20.7% year-over-year to $4.8 million, and a 26.5% year-over-year increase in total outstanding loans.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell SCNB and whether SCNB shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own SCNB shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP