SunTrust Banks, Inc. (NYSE: STI) Investor Lawsuit Filed Against Acquisition

Investors who purchased shares of SunTrust Banks, Inc. (NYSE: STI) and currently hold any of those NYSE: STI shares have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
SunTrust Banks
Case Name: 
SunTrust Banks Deal Case
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: STI
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Summary: 

An investor, who currently holds shares of SunTrust Banks, Inc. (NYSE: STI), filed a lawsuit against the takeover of SunTrust Banks, Inc..

The plaintiff alleges that, in an attempt to secure shareholder support for the proposed transaction, defendants issued allegedly materially incomplete disclosures in a registration statement filed with the United States Securities and Exchange Commission. Furthermore, the plaintiff claims that the registration Statement omits material information with respect to, among other things, the analyses performed by SunTrust’s financial advisor.

Atlanta, GA based SunTrust Banks, Inc. operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. On Feb. 7, 2019, SunTrust Banks, Inc. (NYSE: STI) and BB&T Corporation (NYSE: BBT) announced that both companies' boards of directors have unanimously approved an agreement to combine in an all-stock merger of equals valued at approximately $66 billion. Under the terms of the merger agreement, SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own, or a value of approximately $62.85 based on BB&T's closing price on February 6, 2019.

At least one analyst has set the high target price for NYSE: STI shares at $88 per share and NYSE: STI traded in the open market as recently as August 2018 as high as $75.02 per share. SunTrust Banks, Inc. reported that its annual Total Revenue rose from over $8.47 billion in 2017 to over $9 billion in 2018 and that its Net Income increased from $2.27 billion in 2017 to over $2.77 billion in 2018.