The law firm Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Newport Bancorp, Inc. (NASDAQ: NFSB) (“Newport” or “the Company”), concerning the proposed acquisition of the Company by SI Financial Group, Inc. Under the terms of the transaction, shareholders would receive $17.55 per share in cash or 1.5129 shares of SI Financial Group common stock for every Newport share they own, subject to proration procedures so that 50 percent of the outstanding shares of Company common stock is converted into SI Financial common stock and the balance is converted into the cash consideration. The total value of the transaction is approximately $61.3 million.
The investigation is focused on the potential unfairness of the consideration to shareholders, the process by which the Company’s Board of Directors considered the transaction, as well as potential conflicts of interest among Newport's Board members.
If you are interested in discussing your rights as a Newport shareholder, or have information relating to this investigation, please contact Finkelstein Thompson’s Washington, DC offices at (202)-337-8000 or by email at
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
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