On or around 01/29/2018 (Notice of voluntarily dismissal)
Filing Date: August 14, 2017
According to the Complaint, on April 27, 2017, South State Corporation ("South State") and the Company announced that they had entered into a definitive agreement ("Merger Agreement") under which South State will acquire all of the outstanding shares of Park Sterling in an all-stock transaction (the "Proposed Transaction").
The Complaint alleges that on July 14, 2017, defendants issued materially incomplete and misleading disclosures in the Form S-4 Registration Statement (the "Registration Statement") filed with the United States Securities and Exchange Commission ("SEC") in connection with the Proposed Transaction. The Registration Statement is deficient and misleading in that it fails to provide adequate disclosure of all material information related to the Proposed Transaction. Specifically, as set forth herein, the Registration Statement fails to provide Company stockholders with material information or provides them with materially misleading information concerning: (i) Park Sterling's insiders' potential conflicts of interest; and (ii) the valuation analyses prepared by Stephens in connection with the rendering of its fairness opinion.
On January 29, 2018, this case was voluntarily dismissed.
Company & Securities Information
Defendant: Park Sterling Corporation
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: PSTB
Company Market: NASDAQ
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
Michael Roskopf, et al. v. Park Sterling Corporation, et al.