Robbins Arroyo LLP: A Class Action Lawsuit Has Been Filed Against Suffolk Bancorp (SCNB)
Robbins Arroyo LLP announces that a class action lawsuit has been filed against Suffolk Bancorp (NYSE: SCNB) in the Supreme Court for the State of New York, County of Suffolk. The complaint is brought on behalf of shareholders of Suffolk for alleged breaches of fiduciary duties in connection with the acquisition of the company by People’s United Financial, Inc. (the “Proposed Transaction”). The complaint alleges that Suffolk officials breached their fiduciary duties by: agreeing to the Proposed Transaction for grossly inadequate consideration; failing to maximize the value of Suffolk to its public stockholders; avoiding competitive bidding; and improperly putting their personal interests ahead of Suffolk’s public stockholders. Suffolk operates as a bank holding company for Suffolk County National Bank, which provides commercial and retail banking services.
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.