NEW YORK, June 22, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Parkvale Financial Corporation ("Parkvale") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to F.N.B. Corporation. Under the terms of the transaction, Parkvale shareholders will receive 2.178 shares of F.N.B. Corporation stock for each share of Parkvale stock they own, for an approximate value of $22.48 per share. The transaction has a total approximate value of $130 million.
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The investigation concerns whether the Parkvale Board of Directors breached their fiduciary duties to Parkvale stockholders by failing to adequately shop the Company before entering into this transaction and whether F.N.B. Corporation is underpaying for Parkvale shares, thus unlawfully harming Parkvale stockholders. In particular, at least one analyst set a target price for Parkvale stock at $27.00 per share.
If you own common stock in Parkvale and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit .
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com