Investigation into Sterling Bancorp Sale Raises Concerns

Author: Henry Turner Updated: 09-17-2024 10:28 PM

Concerns about the Sale of Sterling Bancorp

The ongoing investigation into the proposed sale of Sterling Bancorp, Inc. (NASDAQ: SBT) by Kahn Swick & Foti, LLC, has raised eyebrows among investors. The firm, led by the former Attorney General of Louisiana, Charles C. Foti, Jr., is delving into the financial implications of this transaction.

Details of the Proposed Transaction

The proposed sale involves Sterling Bank and Trust, F.S.B., a fully owned subsidiary of Sterling Bancorp, being acquired by EverBank Financial Corp. For a cash sum of $261 million, EverBank aims to acquire all the capital stocks of the bank from Sterling. However, doubts linger about whether this price accurately reflects the true value of the company.

The Purpose of the Investigation

Kahn Swick & Foti, LLC is focused on assessing the fairness of the selling price and whether the procedures that led to this decision were appropriate. This investigation aims to clarify whether shareholders are receiving a fair deal or if the transaction undervalues the bank's assets.

Shareholder Rights

Investors concerned that this transaction does not showcase the actual worth of Sterling Bancorp are urged to consider their legal rights. With the support of KSF, they can explore options and seek advice regarding their entitlements in light of the proposed sale.

Connecting with KSF

Shareholders can reach out to Lewis S. Kahn, Managing Partner at KSF, to discuss their concerns related to the transaction. KSF offers a range of services tailored to protecting investors' rights.

More on Kahn Swick & Foti, LLC

Kahn Swick & Foti, LLC is a prominent law firm recognized for its advocacy on behalf of investors. Involving partners with extensive experience in legal consultations and investigations, the firm aims to uphold the rights of those impacted by potentially unfair business dealings.

Frequently Asked Questions

What is the main focus of the KSF investigation?

The investigation primarily focuses on the adequacy of the proposed sale price and the process that led to this transaction.

Who is leading the investigation?

The investigation is led by Charles C. Foti, Jr., Esq., the former Attorney General of Louisiana, and his law firm, Kahn Swick & Foti, LLC.

How can shareholders express their concerns?

Shareholders can contact KSF directly to discuss their concerns and seek guidance on their legal rights regarding the sale.

What is the proposed sale price for Sterling Bancorp?

EverBank Financial Corp. proposes to acquire Sterling Bancorp's subsidiary for $261 million in cash.

Why is the sale raising concerns among investors?

Investors are concerned that the sale price does not adequately reflect the true value of Sterling Bancorp and its assets.

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