SOUTHCOAST SHAREHOLDER NOTICE: Faruqi & Faruqi, LLP Announces the Investigation of Southcoast Financial Corp. (SOCB) Over the Proposed Sale of the Company to BNC Bancorp

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Southcoast Financial Corp.

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Faruqi & Faruqi, LLP

Aug 19, 2015, 03:55 ET

NEW YORK, Aug. 19, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Southcoast Financial Corp. ("Southcoast" or the "Company") (NASDAQ: SOCB) for potential breaches of fiduciary duties in connection with the sale of the Company to BNC Bancorp for approximately $95.5 million.

The Company's stockholders will only receive a fixed price of $13.35 for each share of Southcoast common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger. However, the offer represents a negligible premium compared to the Company's opening price on August 17, 2015 and is below at least one analyst target price of $18.18 per share.

Click here for more information: www.faruqilaw.com/SOCB. There is no cost or obligation to you.

The investigation focuses on whether Southcoast's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Southcoast's shareholders.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

If you own common stock in Southcoast and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/SOCB or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (877) 247-4292 or (212) 983-9330.

Contact:

Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
[email protected]
Toll Free: (877) 247-4292
Phone: (212) 983-9330

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