Suspicious Stockholder Sues HCSB, United Bank Over Proposed Merger
by Erin Shaak
Last Updated on May 8, 2018
Parshall v. HCSB Financial Corporation et al
Filed: June 16, 2017 ◆§ 4:17-cv-01589-RBH
HCSB Financial Corporation, its board of directors, and United Community Banks, Inc. have been hit with a securities lawsuit that claims they misled investors.
HCSB Financial Corporation, its board of directors, and United Community Banks, Inc. have been hit with a securities lawsuit filed by a stockholder who claims the companies released misleading and incomplete information regarding a proposed merger between HCSB and United. The plaintiff claims the proposed agreement seriously undervalues the company and robs stockholders of its future success. He argues that the registration statement omits important information regarding the board’s potential conflicts of interest, the figures used by HCSB’s financial advisor to determine the fairness of the deal, and data regarding United’s financial projections. The suit argues that without this information, shareholders are unable to determine whether the deal is favorable to them.
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