SHAREHOLDER ALERT: WeissLaw LLP Investigates Steuben Trust Corporation
NEW YORK, Oct. 25, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Steuben Trust Corporation ("SBHO" or the "Company") (OTC Pink: SBHO) in connection with the proposed acquisition of the Company by Community Bank System, Inc. ("CBU") (NYSE: CBU). Under the terms of the acquisition agreement, shareholders will receive 0.8054 shares of CBU and $12.60 in cash for each SBHO share they own, representing consideration of $63.00 based on CBU's volume weighted average price of $62.58.
If you own SBHO shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
http://www.weisslawllp.com/steuben-trust-corporation/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether SBHO's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, the deal expands CBU's footprint into two new counties in New York and increases its presence in four other counties. According to CBU's President and CEO, the deal will "enhance and extend [CBU's] footprint in Western New York, in markets which [CBU] successfully compete[s] in and aspire[s] to continue to grow."
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP
