Ademi LLP is investigating Severn (NASDAQ: SVBI) for possible breaches of fiduciary duty and other violations of law in its transaction with Shore.
Ademi LLP alleges Severn’s financial outlook is excellent and yet Severn shareholders will receive only $11.30 per share of Severn common stock, based on a closing price for Shore’s common stock of $15.64 as of March 2, 2021 and $1.59 per share in cash. The merger agreement unreasonably limits competing bids for Severn by prohibiting solicitation of further bids, and imposing a termination penalty if Severn accepts a superior bid. Severn insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Severn’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Severn, said to Prittle Prattle News
If you own Severn common stock and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, or http://ademilaw.com/case/severn-bancorp-inc. Ademi LLP Investigates whether Severn Bancorp, Inc. has obtained a Fair Price in its transaction with Shore Bancshares
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
This article was shared to Prittle Prattle News as a Press Release.
By PR Newswire
