Processing your request


please wait...

Case Page

 

Case Status:    DISMISSED    
On or around 07/22/2019 (Notice of voluntarily dismissal)

Filing Date: February 21, 2019

According to the Complaint, on November 26, 2018, NCC and CenterState issued a joint press release announcing they had entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to and simultaneously with entering into the Merger Agreement, CenterState’s wholly owned subsidiary bank, CenterState Bank, N.A. (“CenterState Bank”), and NCC’s wholly owned subsidiary bank, National Bank of Commerce (“NBC” or the “Bank”), entered into a Plan of Merger and Merger Agreement whereby NBC will be merged with and into CenterState Bank immediately following the merger of NCC with and into CenterState (the “Bank Merger”). Under the terms of the Merger Agreement, NCC stockholders will be entitled to receive 1.65 shares of CenterState common stock per NCC common share (the “Merger Consideration”). Based on the closing price of CenterState’s stock on November 23, 2018, the Merger Consideration has an implied value of $40.01 per NCC share and the Proposed Transaction has an implied value of approximately $850.4 million.

On January 28, 2019, NCC filed a Definitive Proxy Statement on Form DEFM 14A (the “Proxy Statement”) with the SEC. The Complaint alleges that the Proxy Statement, which recommends that NCC stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) NCC’s and CenterState’s financial projections, relied upon by the Company’s financial advisor in its financial analyses; and (ii) the data and inputs underlying the financial valuation analyses that support the fairness opinion provided by the Company's financial advisor.

This case was voluntarily dismissed on July 22, 2019.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NCOM
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.
COURT: D. Delaware
DOCKET #: 19-CV-00355
JUDGE: Hon. Colm F. Connolly
DATE FILED: 02/21/2019
CLASS PERIOD START: 11/26/2018
CLASS PERIOD END: 02/21/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. O'Kelly Ernst & Joyce, LLC
    901 N. Market Street, Suite 1000, O'Kelly Ernst & Joyce, LLC, DE
    ·
  2. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available