Former United States Securities and Exchange Commission attorney
and the securities litigation firm of
Powers Taylor, LLP
are investigating the sale of Atlantic Coast Financial Corporation (“Atlantic”) (NasdaqGM: ACFC) to Bond Street Holdings, Inc. for shareholders. Under the terms of the proposed deal, Atlantic shareholders will only receive $5.00 in cash for each share of common stock owned, although $2.00 will be held in an escrow account and will be available to cover losses from stockholder claims for one year or until such claims are resolved.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, please contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, via email at
or Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
. There is no cost or fee to you.
The Atlantic sale investigation centers on whether Atlantic shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Atlantic’s stock, and whether Atlantic’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Patrick Powers, “based upon the size of the transaction, the nature of the consideration, the proposed sale price and other factors, we are concerned that this deal may undervalue Atlantic’s stock. Our proposed lawsuit will seek to obtain the highest share price for all shareholders.”
The Briscoe Law Firm, PLLC
is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP
is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.