PHILADELPHIA, May 30, 2024 /PRNewswire/ — Kaskela Law LLC announces that it is investigating Sterling Check Corp. (NASDAQ: STER) (“Sterling”) on behalf of the company’s investors.
On February 29, 2024, Sterling announced that it had agreed to be acquired by First Advantage Corp. (“First Advantage”). Under the terms of the proposed agreement, Sterling stockholders are expected to receive either: (i) $16.73 per share in cash or (ii) 0.979 shares of First Advantage common stock for each Sterling share they own.
Although the press release disclosing the proposed transaction reported that “[t]he $16.73 per share consideration represents a premium of 35% to Sterling’s closing price of $12.42 on February 28, 2024,” the $16.73 per share consideration is significantly lower than the $25.00 per share that Sterling’s shares traded at less than two years ago.
The investigation seeks to determine whether Sterling’s officers and/or directors breached their fiduciary duties or violated the securities laws in agreeing to sell the company to First Advantage at a $16.73 per share valuation.
For additional information about this investigation, Sterling shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750 or (888) 715 – 1740, or by email ([email protected] / [email protected]) or online at:
https://kaskelalaw.com/cases/sterling-check-corp/.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
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SOURCE Kaskela Law LLC
