On or around 09/21/2017 (Notice of voluntarily dismissal)
Filing Date: September 21, 2017
On June 30, 2017, OceanFirst Financial Corp. (“OceanFirst”) and the Company announced that they had entered into a definitive agreement that day (“Merger Agreement”) under which OceanFirst will acquire all of the outstanding shares of Sun in a cash and stock transaction (the “Proposed Transaction”).
The Complaint alleges that 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, claiming that the Registration Statement is deficient and misleading in that it fails to provide adequate disclosure of all material information related to the Proposed Transaction. The Plaintiff alleges in the Complaint that Defendants have breached their fiduciary duties and violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”) in connection with the Registration Statement.
This case was voluntarily dismissed on September 21, 2017.
Company & Securities Information
Defendant: Sun Bancorp, Inc.
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: SNBC
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
Paul Chetcuti, et al. v. Sun Bancorp, Inc., et al.