WILMINGTON, Del., July 06, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of South Carolina on behalf of holders of HCSB Financial Corporation (“HCSB”) (OTC:HCFB) common stock in connection with the proposed transaction pursuant to which HCSB will be acquired by United Community Banks, Inc. (“United”), announced on April 20, 2017 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against HCSB, its Board of Directors (the “Board”), and United, is captioned Parshall v. HCSB Financial Corporation, Case No. 4:17-cv-01589 (D.S.C.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/.
On April 19, 2017, HCSB entered into an agreement and plan of merger (the “Merger Agreement”) with United. Pursuant to the Merger Agreement, shareholders of HCSB will receive 0.0050 shares of United common stock for each share of HCSB (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a registration statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission on May 17, 2017. The Complaint alleges that the Registration Statement, which recommends that HCSB stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to HCSB’s financial projections, United’s financial projections, the analyses performed by HCSB’s financial advisor, and potential conflicts of interest. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of HCSB common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than September 4, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.
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