Sterling Bancorp

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 […]