Rigrodsky & Long, P.A. Announces Investigation Of Sterling Bancorp Buyout

WILMINGTON, Del.–(BUSINESS WIRE)– Rigrodsky & Long, P.A.:

• Do you own shares of Sterling Bancorp (NYSE: STL )?
• Did you purchase any of your shares prior to April 4, 2013?
• Do you think the proposed buyout price is too low?
• Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Sterling Bancorp, Inc. (“Sterling” or the “Company”) (NYSE: STL) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Provident New York Bancorp (“Provident”) (NYSE: PBNY) in a transaction valued at approximately $344 million.

Click here to learn more: http://www.rigrodskylong.com/investigations/sterling-bancorp-stl.

Under the terms of the proposal, public shareholders of Sterling will receive 1.2625 shares of Provident for each share of Sterling they own. Based upon Provident’s closing stock price of $9.08 on April 4, 2013, Sterling shareholders would have received consideration valued at approximately $11.46 per share. Upon closing, Provident shareholders will own approximately 53% of stock in the combined company; Sterling shareholders will own approximately 47%.

The investigation concerns whether Sterling’s board of directors failed to adequately shop the Company and obtain the best possible value for Sterling’s shareholders before entering into an agreement with Provident.

If you own the common stock of Sterling and purchased your shares before April 4, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth Rigrodsky or Brian Long at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, Delaware 19803, by telephone at (302) 295-5310, or Peter Allocco at …read more

Source: FULL ARTICLE at DailyFinance