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BALA CYNWYD, Pa.,
March 2, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Atlantic Coast Financial Corporation ("Atlantic Coast" or the "Company") (Nasdaq: ACFC) relating to the proposed acquisition by Bond Street Holdings, Inc. ("Bond Street").
Under the terms of the transaction, Atlantic Coast shareholders will receive only
$5.00 in cash for each share of Atlantic Coast stock they own. However,
$2.00 will be held in an escrow account and will be available to cover losses from stockholder claims for one year or until the final resolution of such claims, if later. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Atlantic Coast for not acting in the Company's shareholders' best interests in connection with the sale process to Bond Street. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Atlantic Coast stock traded at
March 11, 2011. In addition, Atlantic Coast has a reported book value of
$16.96 per share.
If you own shares of Atlantic Coast stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact
Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602,
Bala Cynwyd, PA 19004, by e-mail at
http://brodsky-smith.com/548-acfc-atlantic-coast-financial-corporation.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC