SOURCE: Brower Piven, A Professional Corporation

February 16, 2011 18:18 ET

Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of Sterling Bancshares, Inc. by Comerica Incorporated

STEVENSON, MD--(Marketwire - February 16, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in Texas District Court, Harris County on behalf of all shareholders of Sterling Bancshares, Inc. ("Sterling") (NASDAQ: SBIB).

The claims asserted in the complaint arise from the proposed acquisition of Sterling by Comerica Incorporated ("Comerica"). On January 18, 2011, as asserted in the complaint, it was announced that Sterling had agreed to be acquired by Comerica. According to the complaint, as part of the approximately $1 billion transaction, Sterling's shareholders will receive a fixed ratio of 0.2365 shares of Comerica common stock for each share of Sterling common stock they hold. The complaint alleges that the consideration price represents a value of $10.00 per share to Sterling's shareholders, based on Comerica's 15-day average closing price through January 11, 2011.

The complaint alleges that Sterling's directors and officers have breached their fiduciary duties to the company's stockholders. The complaint also asserts that Sterling and Comerica aided and abetted such officers' and directors' alleged breaches of their fiduciary duties.

If you are a current owner of shares of Sterling, you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Mary Hoffman
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact