South Financial Group Inc. (TSFG)

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press release
May 17, 2010, 11:13 a.m. EDT · Recommend · Post:

Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of South Financial Group Inc. - TSFG
NEW YORK, May 17, 2010 (BUSINESS WIRE) -- Levi & Korsinsky is investigating the Board of Directors of South Financial Group Inc. ("South Financial" or the "Company") (NasdaqGS: TSFG) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to TD Bank Financial Group ("TD Bank") /quotes/comstock/13*!td/quotes/nls/td (TD 69.52, -1.37, -1.93%) . Under the terms of the transaction, shareholders will receive, at each shareholder's election, $0.28 in cash or 0.004 shares of TD Bank common stock per TSFG common share for a total of approximately $61 million in cash or TD Bank common stock (based on TD Bank's closing stock price on May 14, 2010). In addition, immediately prior to completion of the merger, the United States Department of the Treasury will sell to TD Bank its $347 million of TSFG preferred stock and the associated warrant acquired under the Treasury's Capital Purchase Program and discharge all accrued but unpaid dividends on that stock for total cash consideration of approximately $130.6 million.

The investigation concerns whether the South Financial Board of Directors breached their fiduciary duties to South Financial stockholders by failing to adequately shop the Company before entering into this transaction and whether TD Bank is underpaying for South Financial shares, thus unlawfully harming South Financial stockholders. In particular, the offer price is below the $0.65 share price that South Financial stock closed at on May 14, 2010 and below the $0.99 share price that the Company's stock traded at as recently as April 15, 2010. Also, at least one analyst set a price target for South Financial stock at $3.50 per share and the median target set by analysts is $0.88 per share.

If you own common stock in South Financial and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [e-mail] or by telephone at [phone] or visit http://www.zlk.com/south-financial-group-tsfg.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.

SOURCE: Levi & Korsinsky


Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
Tel: [phone]
Fax: [phone]
www.zlk.com



Copyright Business Wire 2010


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