Faruqi & Faruqi Investigation: Southcoast Financial Corp.
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Southcoast Financial Corp. (“Southcoast” or the “Company”) (NASDAQ: SOCB) for potential breaches of fiduciary duties in connection with the sale of the Company to BNC Bancorp for approximately $95.5 million.
The Company’s stockholders will only 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. However, the offer represents a negligible premium compared to the Company’s opening price on August 17,2015 and is below at least one analyst target price of $18.18 per share.
If you own common stock in Southcoast and wish to obtain additional information and protect your investments free of charge, please contact F&F's Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.