On or around 04/10/2019 (Ongoing date of last review)
Filing Date: April 10, 2019
According to the Complaint, SunTrust Banks, Inc. is a leading provider of financial services for consumers, businesses, corporations, institutions and not-for-profit entities.
On February 7, 2019, SunTrust and BB&T Corporation issued a joint press release announcing the proposed transaction, pursuant to which SunTrust will be acquired by affiliates of BB&T.
On March 11, 2019, SunTrust and BB&T filed a joint proxy statement/prospectus on Form S-4 (the “Registration Statement”) with the SEC. The Complaint alleges that the Registration Statement, which recommends that SunTrust stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) SunTrust’s and BB&T’s financial projections relied upon by the Company’s financial advisor in its financial analyses; (ii) the valuation analyses prepared by the Company's financial advisor in connection with the rendering of its fairness opinion; and (iii) the background process leading to the Proposed Transaction.
Company & Securities Information
Defendant: SunTrust Banks, Inc.
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: STI
Company Market: New York SE
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.