Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
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.