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.

This case was voluntarily dismissed on October 23, 2019.