Palmetto Bancshares, Inc. Shareholder Alert: Bernstein Liebhard LLP Announces Investigation of Acquisition by United Community Banks, Inc.
April 22, 2015
Bernstein Liebhard LLP is investigating whether the Board of Directors of Palmetto Bancshares, Inc. (“Palmetto” or the “Company”) (Nasdaq: PLMT) breached its fiduciary duty to its shareholders in agreeing to sell Palmetto to United Community Banks, Inc. (“United”).
Under the terms of the agreement, Palmetto shareholders will have the right to receive $19.25 in cash or 0.97 shares of United common stock, or any combination thereof, for each share they own. The investigation is focused on the potential unfairness of the price to Palmetto shareholders and the process by which the Palmetto Board of Directors considered and approved the transaction.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.