STEVENSON, Md., Aug. 28, 2015 /PRNewswire/ -- The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Southcoast Financial Corp. ("Southcoast" or the "Company") (NasdaqGM: SOCB) relating to the proposed buyout of the Company by BNC Bancorp for approximately $95.5 million.
Under the terms of the transaction, Southcoast shareholders are anticipated to receive a fixed price of $13.35 for each share of Southcoast common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger. The transaction may undervalue Southcoast and may result in a substantial loss for many shareholders. According to Yahoo! Finance, at least one Wall Street analyst has issued a price target for Southcoast stock at $18.18 per share.
The firm's investigation seeks to determine, among other things, whether the Company's Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company's shares of common stock.
If you currently own common stock of Southcoast and believe that the proposed buyout price is too low, or you would like to learn more about the investigation being conducted by Brower Piven, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.
Charles J. Piven / Brower Piven, A Professional Corporation
1925 Old Valley Road / Stevenson, Maryland 21153
Telephone: 410-415-6616 / firstname.lastname@example.org
SOURCE Brower Piven, A Professional Corporation