WAYNE, Pa., April 5, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/stl) is investigating potential claims against the board of directors of Sterling Bancorp ("Sterling" or the "Company") (NYSE: STL) concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Provident New York Bancorp ("Provident") in a stock-for-stock deal valued at approximately $344 million.
Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Sterling. For more information regarding our investigation, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/stl.
Under the terms of the proposed transaction, Sterling's stockholders will receive 1.2625 shares of Provident common stock for each share of Sterling common stock they own. The consideration to be received by Sterling's shareholders is valued at $11.12 based on April 3 closing prices.
If you own shares of Sterling Bancorp and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/stl. You may also email Mr. Maniskas at email@example.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP