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| Protecting the Rights of Shareholders and Consumers |
Southern Connecticut Bancorp Inc. Securities Litigation
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Southern Connecticut Bancorp Inc. (AMEX: SSE) shareholder litigation in
connection with alleged unfair takeover offer
On February 23, 2010, Southern Connecticut Bancorp Inc. (“SCBI” or the
“Company”) announced that it agreed to sell the Company to Naugatuck
Valley Financial Corporation ("NVFC") (NasdaqGM: NVSL). Under the terms
of the transaction, SCBI shareholders are to $7.25 per share in cash and
NVFC stock for each SCBI share they own, subject to proration, for a total
transaction value of approximately $19.5 million.
The investigation concerns whether the SCBI Board of Directors breached
their fiduciary duties to SCBI stockholders by failing to adequately shop the
Company before entering into this transaction and whether NVFC is
underpaying for SCBI shares, thus unlawfully harming SCBI stockholders.
In particular, the Company has $28.31 million, or over $10 per share, in
cash against total debt of only $1.41 million.
connection with alleged unfair takeover offer
On February 23, 2010, Southern Connecticut Bancorp Inc. (“SCBI” or the
“Company”) announced that it agreed to sell the Company to Naugatuck
Valley Financial Corporation ("NVFC") (NasdaqGM: NVSL). Under the terms
of the transaction, SCBI shareholders are to $7.25 per share in cash and
NVFC stock for each SCBI share they own, subject to proration, for a total
transaction value of approximately $19.5 million.
The investigation concerns whether the SCBI Board of Directors breached
their fiduciary duties to SCBI stockholders by failing to adequately shop the
Company before entering into this transaction and whether NVFC is
underpaying for SCBI shares, thus unlawfully harming SCBI stockholders.
In particular, the Company has $28.31 million, or over $10 per share, in
cash against total debt of only $1.41 million.
