A lawsuit was filed for investors in shares of Entegra Financial Corp. (NASDAQ: ENFC) in connection with the proposed takeover and NASDAQ: ENFC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/24/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Entegra Financial Corp. (NASDAQ: ENFC), filed a lawsuit against the acquisition of Entegra Financial Corp.
Investors who purchased shares of Entegra Financial Corp. (NASDAQ: ENFC) and currently hold any of those NASDAQ: ENFC shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: ENFC stockholders by agreeing to sell Entegra Financial Corp. cheaply via an unfair process.
On April 24, 2019, First-Citizens Bank & Trust Company and Entegra Financial Corp. announced the signing of a merger agreement. Under the terms of the agreement, (1) cash consideration of $30.18 per share will be paid to the shareholders of Entegra for each share of its common stock and for each restricted stock unit after conversion to common stock, (2) each Entegra option will be canceled and each option holder will receive a cash payment and (3) no consideration will be paid to First Citizens Bank or its affiliates as a result of their ownership of shares of Entegra's common stock.
However, plaintiff claims that the proposed consideration NASDAQ: ENFC shareholders will receive is grossly inadequate and undervalues Entegra Financial Corp. Entegra Financial Corp. reported that its annual Total Revenue rose from $45.95 million in 2017 to $54.11 million in 2018. In addition, the plaintiff alleges that the process is also unfair NASDAQ: ENFC stockholders
Shares of Entegra Financial Corp. (NASDAQ: ENFC) closed on July 23, 2019 at $29.85 per share.
Those who are current investors in Entegra Financial Corp. (NASDAQ: ENFC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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