On or around 08/17/2017 (Stipulation and order of dismissal (voluntary dismissal))
Filing Date: June 16, 2017
According to the Complaint, on April 19, 2017, HCSB’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”) with United. Pursuant to the terms of the Merger Agreement, stockholders of HCSB will receive 0.0050 shares of United per share of HCSB.
On May 17, 2017, defendants filed a Form S-4 Registration Statement (the “Registration Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint alleges the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.
On August 17, 2017, Plaintiff filed a stipulation to voluntarily dismiss this action without prejudice.
Company & Securities Information
Defendant: HCSB Financial Corporation
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: HCFB
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Paul Parshall , et al. v. HCSB Financial Corporation, et al.