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Pinnacle Financial Partners, BNC Bancorp facing deal-related suit

BNC Bancorp, the members of its board, and Pinnacle Financial Partners Inc. are facing a putative class action complaint in connection with the pending transaction between the two companies.

Filed in the U.S. District Court for the Middle District of North Carolina on May 25, the complaint accuses the defendants of not disclosing certain allegedly material facts related to the proposed deal.

While Pinnacle believes that no further disclosure is required, it voluntarily wants to make supplemental disclosures related to the proposed merger to avoid the risk that the putative class action may delay or otherwise adversely affect the consummation of the deal and to minimize the expense of defending such actions.