MILWAUKEE, Sept. 16, 2024 /PRNewswire/ — Ademi LLP is investigating Sterling (Nasdaq: SBT) for possible breaches of fiduciary duty and other violations of law in its transaction with Everbank.
Click here to learn how to join our investigation https://www.ademilaw.com/case/sterling-bancorp-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
In the transaction, Sterling will receive $261,000,000 from Everbank, an indeterminate amount of which will be distributed to Sterling shareholders after paying or providing for the Sterling’s creditors and existing and reasonably foreseeable debts, liabilities, and obligations. Family trusts representing approximately 38% of the outstanding common stock of the Company have entered into agreements pursuant to which they have committed to vote their shares in favor of the sale transaction.
The transaction agreement unreasonably limits competing transactions for Sterling by imposing a significant penalty if Sterling accepts a competing bid. Sterling insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Sterling’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
If you own Sterling common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/sterling-bancorp-inc.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
SOURCE Ademi LLP
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