Levi & Korsinsky is investigating the Board of Directors of Comm Bancorp, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to F.N.B. Corporation.
New York, NY, August 11, 2010 — Under the terms of the transaction, Comm shareholders will receive $10.00 in cash and a fixed exchange ratio of 3.4545 shares of F.N.B. common stock for each share of Comm common stock they own. Based on the prior day closing prices, the transaction values Comm stock at approximately $39.36 per share for a total transaction value of approximately $70 million.
The investigation concerns whether the Comm Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether F.N.B. is underpaying for Comm shares, thus unlawfully harming Comm stockholders. In particular, Comm shares have traded as high as $40 per share in July 2009 and, for the most recent quarter, the Company has reported a book value of $31.13 per share of which $24.23 is cash.
If you own Comm shares and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone toll-free at: (877) 363-5973 or visit http://www.zlk.com/comm-bancorp-ccbp.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.
CONTACT: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
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Contact:
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
