April 8, 2013, Hollywood, FL – Komlossy Law, P.A. is investigating the Board of Directors of Sterling Bancorp (“Sterling” or the “Company”) (NYSE:STL) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to Provident New York Bancorp (“Provident”) in a transaction valued at approximately $344 million. Pursuant to the terms of the proposed transaction, Sterling shareholders are to receive 1.2625 shares of Provident stock for each share of the Company. The consideration is valued at $11.12 per share based on April 3 closing stock prices.
The investigation involves whether the Board of Directors of Sterling breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether the transaction is fair to shareholders with respect to price, process and disclosure of all material information.
If you own Sterling stock and wish to obtain additional information about your rights as a shareholder, or if you have information about the above investigation, please contact Emily C. Komlossy, Esq. via email at email@example.com or by telephone toll free at (855) 858-1233.
Komlossy Law, P.A. represents shareholders in complex litigation, including class action and derivative litigation. Komlossy Law, P.A. may co-counsel with another firm, or refer a case to another firm. More information is available through the firm’s website, www.komlossylaw.com, and upon request. Emily C. Komlossy is the attorney responsible for the content of this release.