NEW YORK, April 28, 2017 /PRNewswire/ -- The proposed acquisition of Park Sterling Corporation (NASDAQ: PSTB) or the "Company" by South State Corporation (NASDAQ: SSB) is the subject of an investigation by WeissLaw LLP, a national class action and shareholder rights law firm. On April 27, 2017, the Company issued a press release announcing the signing of a definitive merger agreement with SSB. Under the terms of the agreement, shareholders of PSTB will receive 0.14 of a share of SSB for each PSTB share they own, representing consideration of $12.68 based on SSB's April 27 closing price.
WeissLaw is investigating whether PSTB's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $14.00, or $1.32 above the offer price. In addition, the Company also issued a press release announcing positive financial results on the same day as the acquisition announcement. It reported double-digit growth and beat its earnings per share projection by $0.01, announcing net income of $7.5 million or $0.14 per share in the first quarter of fiscal year 2017, representing a 40% increase over the previous period.
Given these facts, WeissLaw is investigating the Board's decision to sell PSTB and whether PSTB shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own PSTB 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/park-sterling-corporation/
SOURCE WeissLaw LLP