SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Files Class Action Suit Against Xenith Bankshares Inc.

WILMINGTON, Del., Sept. 27, 2017 -- Rigrodsky & Long, P.A.:

Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Eastern District of Virginia on behalf of holders of Xenith Bankshares Inc. (“Xenith”) (Nasdaq:XBKS) common stock in connection with the proposed acquisition of Xenith by Union Bankshares Corporation (“Union”) announced on May 22, 2017 (the “Complaint”).  The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Xenith, its Board of Directors (the “Board”), and Union, is captioned Parshall v. Xenith Bankshares Inc., Case No. 3:17-cv-00612 (E.D. Va.).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at [email protected], or at http://rigrodskylong.com/contact-us/.

On May 19, 2017, Xenith entered into an agreement and plan of merger (the “Merger Agreement”) with Union.  Pursuant to the Merger Agreement, shareholders of Xenith will receive 0.9354 shares of Union common stock for each share of Xenith common stock they own (the “Proposed Transaction”).

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission on August 16, 2017.  The Complaint alleges that the Registration Statement, which recommends that Xenith stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to Xenith’s and Union’s financial projections, the analyses performed by the companies’ financial advisors, and potential conflicts of interest.  The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Xenith common stock.

If you wish to serve as lead plaintiff, you must move the Court no later than November 27, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.

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CONTACT:                                                                                             

Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
[email protected]
http://www.rigrodskylong.com