SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of GrandSouth Bancorporation. (OTC – GRRB)
BALA CYNWYD – June 22, 2022 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of GrandSouth Bancorporation (“GrandSouth” or the “Company”) (OTC – GRRB) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the Company’s agreement to be acquired by First Bancorp (“First Bancorp”) (Nasdaq – FBNC). Under the terms of the Transaction, First Bancorp will acquire GrandSouth in a stock transaction for 0.910 shares of First Bancorp common stock for each share of GrandSouth stock, representing an implied per-share consideration of approximately $32.01 based upon First Bancorp’s June 21, 2022 closing price of $35.26. The all-stock transaction is valued at approximately $181.1 million.
The investigation concerns whether the GrandSouth Board breached its fiduciary duties to shareholders by failing to conduct a fair process, and whether First Bancorp is paying too little for the Company.
If you own shares of GrandSouth stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.