Levi & Korsinsky is investigating the Board of Directors of Green Bancshares, Inc. (“GRNB” or the “Company”) (Nasdaq: GRNB) for possible breaches of fiduciary duty in connection with the acquisition of a 90.1% stake in the Company by North American Financial Holdings.
New York, NY, May 09, 2011 — Levi & Korsinsky is investigating the Board of Directors of Green Bancshares, Inc. (“GRNB” or the “Company”) (Nasdaq: GRNB) for possible breaches of fiduciary duty and other violations of state law in connection with the acquisition of a 90.1% stake in the Company by North American Financial Holdings (“NAFH”). Under the terms of the transaction, approximately 120 million shares of GRNB common stock will be newly issued at a price of $1.81 per share. Current GRNB shareholders will also receive a Contingent Value Right, entitling them to cash proceeds of up to $0.75 per share, based on the credit performance of GRNB’s legacy loan portfolio over the five years following the deal’s closing. The transaction has a total value of approximately $217 million.
Click here to learn how to join the action: http://www.zlk.com/green-bancshares-grnb.html, or call: 877-363-5972.
The investigation concerns whether the GRNB Board of Directors breached their fiduciary duties to GRNB stockholders by failing to adequately shop the Company before entering into this transaction and whether NAFH is underpaying for GRNB shares, thus unlawfully harming GRNB stockholders. In particular, GRNB stock traded as high as $3.53 as recently as February 15, 2011. Furthermore, GRNB reported a book value of $5.79 per share for the most recent quarter.
If you own common stock in GRNB and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/green-bancshares-grnb.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP, Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
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Contact :
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St.
15th Floor
New York, NY 10004
+212-363-7500
[email protected]
