MONSEY, N.Y., March 06, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the proposed sale of Sterling Check Corp. (Nasdaq: STER) (“Sterling”) to First Advantage Corporation (“FAC”) for cash and stock valued at approximately $16.73 per share. Under the terms of the transaction, Sterling shareholders can elect to receive either $16.73 per share in cash or 0.979 shares of FAC common stock for each Sterling share, subject to proration.
Certain entities advised by or affiliated with Goldman Sachs & Co. LLC. (“Goldman”) presently own approximately 52.8% of Sterling’s outstanding shares. Yet, Goldman served as one of Sterling’s financial advisors for the deal, which posed a potential conflict.
If you remain a Sterling shareholder and have concerns about the transaction, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/sterling-check-corp/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On February 29, 2024, Sterling announced that it had agreed to sell itself to FAC for cash and stock valued at approximately $16.73 per share. Under the terms of the transaction, Sterling shareholders can elect to receive either $16.73 per share in cash or 0.979 shares of FAC common stock for each Sterling share, subject to proration.
Sterling shareholders are expected to own approximately 16% of the combined company after closing, and current FAC shareholders will own approximately 84%.
Certain entities advised by or affiliated with Goldman presently own approximately 52.8% of Sterling’s outstanding shares. Yet, Goldman served as one of Sterling’s financial advisors for the deal, which posed a potential conflict.
“We are investigating whether the Sterling Board of Directors acted in the best interests of Sterling shareholders in approving the sale.” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the consideration agreed upon is fair to Sterling shareholders, and whether all material information regarding the transaction has been fully disclosed, especially given Goldman’s potential conflict.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
Source:
Wohl & Fruchter LLP2024 GlobeNewswire, Inc., source Press Releases
STERLING CHECK CORP. 
