NEW YORK, April 20, 2017 /PRNewswire/ --
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of HCSB Financial Corp. ("HCFB" or the "Company") in connection with proposed the merger of the Company with United Community Banks, Inc. ("UCBI"). Under the terms of the agreement, HCFB shareholders will receive 0.0050 of a share of UCBI for each share they own; representing consideration of $0.1335, based on UCBI's April 19 closing price.
WeissLaw is investigating whether HCFB's Board acted to maximize shareholder value prior to entering into the agreement. Upon announcement of the terms of the merger, the price of HCFB shares plummeted by more than 62% from $0.35 per share to $0.13 per share, and less than 25% of the Company's 52-week high of $0.59. Additionally, according to UCBI's Chairman and CEO, the "transaction fits squarely [into UCBI's] growth strategy;" and enhances UCBI's presence in fast-growing market of Myrtle Beach, SC. The transaction will significantly improve UCBI's Myrtle Beach market share, and will add eight new Myrtle Beach branches and $313 million of deposits to UCBI's franchise.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell HCFB and whether HCFB shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own HCFB 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 email@example.com.
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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/hcfb/
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/weisslaw-llp-hcsb-financial-corp-acquisition-may-not-be-in-the-best-interests-of-hcfb-shareholders-300443122.html
SOURCE WeissLaw LLP