We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Sterling Bancorp (“Sterling” or the “Company”) (NYSE: STL) in connection with the proposed acquisition of the Company by Webster Financial Corporation (“WBS”) (NYSE: WBS).  Under the terms of the merger agreement, Sterling shareholders will receive 0.463 shares of WBS common stock for each Sterling share that they own, representing implied per-share merger consideration of approximately $26.56 based upon WBS’s April 16, 2021 closing price of $57.37.  Upon consummation of the transaction, current WBS shareholders will own approximately 50.4% of the combined company and Sterling shareholders will own approximately 49.6% on a fully adjusted basis.  The transaction is valued at approximately $10.3 billion.

WeissLaw LLP is investigating whether (i) Sterling’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the merger consideration adequately compensates Sterling’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

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