NEW YORK, May 26, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against BNC Bancorp (“BNC” or the “Company”) (Nasdaq:BNCN) in the United States District Court for the Middle District of North Carolina for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with the proposed merger between BNC and Pinnacle Financial Partners, Inc. (“Pinnacle”) (the “Proposed Merger”).
On January 22, 2017, the Board of Directors (“the Board”) of BNC caused the Company to enter into an agreement and plan of merger (“Merger Agreement”), pursuant to which the Company’s shareholders stand to receive 0.5235 shares of Pinnacle common stock for each share of BNC stock they own (the “Merger Consideration”). According to the Complaint, on May 3, 2017, in order to convince BNC shareholders to vote in favor of the Proposed Merger, Defendants authorized the filing of a materially incomplete and misleading Joint Definitive Proxy Statement (the “Proxy”) with the Securities and Exchange Commission (“SEC”), in violation of Sections 14(a) and 20(a) of the Exchange Act. The BNC shareholder meeting on the Proposed Merger is scheduled for June 12, 2017 (the “Vote”).
If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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