BALA CYNWYD, Pa. -- (Business Wire)
Law office of Brodsky & Smith, LLC announces that it is investigating
potential claims against the Board of Directors of Palmetto Bancshares
Inc. ("Palmetto” or "the Company") (Nasdaq: PLMT) for possible breaches
of fiduciary duty and other violations of state law in connection with
the sale of the Company to United Community Banks, Inc. (“United”).
Click here to learn more about the investigation http://brodsky-smith.com/921-plmt-palmetto-bancshares-inc.html,
or call: 877-534-2590. There is no cost or obligation to you.
Under the terms of the transaction, Palmetto shareholders will receive
only $19.25 in cash for each share of Palmetto stock they own. The
investigation concerns whether the Board of Palmetto breached their
fiduciary duties to shareholders by failing to adequately shop the
Company before agreeing to enter into this transaction, and whether
United is underpaying for Palmetto. The transaction may both undervalue
Palmetto and would result no real gain for many holders of Palmetto
stock. The $19.25 price being paid to shareholders is below analyst
price targets, below the price Palmetto stock has traded, and is below
the premium paid in comparable transactions.
In addition, Palmetto is a 108-year old community bank that has served
South Carolina through 25 branch locations in nine counties along the
I-85 corridor. Palmetto has total assets of $1.2 billion, loans of $832
million and deposits of $967 million.
If you own shares of Palmetto and wish to discuss the legal
ramifications of the investigation, or have any questions, you may
e-mail or call the law office of Brodsky & Smith, LLC who will, without
obligation or cost to you, attempt to answer your questions. You may
contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky &
Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by
visiting http://brodsky-smith.com/921-plmt-palmetto-bancshares-inc.html,
or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise
representing shareholders throughout the nation in securities and class
action lawsuits. The attorneys at Brodsky & Smith have been appointed by
numerous courts throughout the country to serve as lead counsel in class
actions and have successfully recovered millions of dollars for our
clients and shareholders. Attorney advertising. Prior results do not
guarantee a similar outcome.
Contacts:
Brodsky & Smith, LLC
Jason L. Brodsky, Esquire
Evan J.
Smith, Esquire
877-LEGAL-90
http://brodsky-smith.com/921-plmt-palmetto-bancshares-inc.html
Source: Brodsky & Smith, LLC
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