SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Files Class Action Suit Against Sun Bancorp, Inc.

WILMINGTON, Del., Oct. 11, 2017 -- Rigrodsky & Long, P.A.:

Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of New Jersey on behalf of holders of Sun Bancorp, Inc. (“Sun Bancorp”) (Nasdaq:SNBC) common stock in connection with the proposed acquisition of Sun Bancorp by OceanFirst Financial Corp. (“OceanFirst”) announced on June 30, 2017 (the “Complaint”).  The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Sun Bancorp, its Board of Directors (the “Board”), and OceanFirst, is captioned Parshall v. Sun Bancorp, Inc., Case No. 1:17-cv-07368 (D.N.J.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at [email protected], or at http://rigrodskylong.com/contact-us/. 

On June 30, 2017, Sun Bancorp entered into an agreement and plan of merger (the “Merger Agreement”) with OceanFirst.  Pursuant to the Merger Agreement, shareholders of Sun Bancorp will receive 0.7884 shares of OceanFirst common stock and $3.78 in cash for each share of Sun Bancorp they own (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission.  The Complaint alleges that the Registration Statement, which recommends that Sun Bancorp stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to Sun Bancorp’s and OceanFirst’s financial projections, the analyses performed by the Company’s financial advisor, and the background of the Proposed Transaction.  The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Sun Bancorp common stock. 

If you wish to serve as lead plaintiff, you must move the Court no later than December 11, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.

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CONTACT:                                                                                             

Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
[email protected]
http://www.rigrodskylong.com