Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Beacon Federal Bancorp, Inc. (“Beacon Federal” or the “Company”) (NASDAQ GM: BFED) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Berkshire Hills Bancorp, Inc. (“Berkshire”) (NASDAQ GS: BHLB) in a transaction valued at approximately $132 million. Click here to learn more: http://www.rigrodskylong.com/investigations/beacon-federal-bancorp-inc-bfed. Under the terms of the proposal, 50% of the outstanding Beacon Federal shares will be exchanged for Berkshire shares at a fixed exchange rate of 0.92 shares for each Beacon Federal share, while the remaining 50% of Beacon Federal shares will be exchanged for cash in the amount of $20.50 per share. The investigation concerns whether Beacon Federal’s board of directors failed to adequately shop the Company and obtain the best possible price for Beacon Federal’s shareholders before entering into an agreement with Berkshire. At least one analyst on Yahoo! Finance has issued a $26.00 per share target for Beacon Federal. If you own the common stock of Beacon Federal and purchased your shares before May 31, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/beacon-federal-bancorp-inc-bfed. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
Shares of Beacon Federal Bancorp (Nasdaq:BFED) have taken a tremendous swing upward. The stock is trading at $18.83 as of 9:30 a.m. ET, 41.6% above Thursday's closing price of $13.30. Volume is at 11,520, one times the daily average of 11,300.