NEW YORK, Dec. 6, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Summit Financial Services Group, Inc. ("Summit") (OTC:SFNS) of claims of breaches of fiduciary duty against the board of directors of the Company in connection with the Company's recently-announced merger agreement with RCS Capital Corporation ("RCS"). A complaint was filed in Florida state court.
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On November 18, 2013 RCS announced it would purchase all Summit outstanding common stock for a total transaction price of $49 million. Under the terms of the transaction, Summit shareholders will receive $1.2578 from RCS plus cash contributed by Summit, as well as one non-transferable contingent value right to be issued by RCS pursuant to a CVR agreement. The consideration includes at least $9.8 million payable in RCS Class A common stock. The claims concern whether the Board of Summit breached their fiduciary duties to shareholders by failing to adequately shop the Company to obtain the best purchase price.
To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/summit-financial-sfns/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP