Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of Sun Bancorp, Inc. (“Sun Bancorp”) (NASDAQ: SNBC) concerning the sale to OceanFirst Financial Corp. Under the terms of the agreement, Sun Bancorp shareholders will only receive 0.7884 shares of OceanFirst common stock and $3.78 in cash per share for each share owned. The consideration is valued at $25.27, which is virtually no premium over the 52-week high and lower than at least one analyst’s estimated value of $28.00 per share.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or by calling (888) 809-2750. There is no cost or fee to you.
The investigation centers on whether Sun Bancorp’s Board of Directors is acting in the shareholders’ best interests, whether the board considered alternatives to the acquisition, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance believes the true inherent value of the stock could be as high as $28.00.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.