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Ademi & O’Reilly, LLP is investigating Carolina Trust BancShares, Inc. (Nasdaq: CART) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Carrizo to Carolina Financial.

Ademi & O’Reilly, LLP alleges CART’s financial outlook is improving and yet shareholders will receive the equivalent of only $10.57 per share for each share of CART common stock they own.  Carolina Financial is acquiring CART at a substantial discount.  The merger agreement unreasonably limits competing bids for CART by prohibiting solicitation of further bids, and imposing a termination penalty if CART accepts a superior bid. CART insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of CART’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for CART.