The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Oneida Financial Corporation ("Oneida" or the "Company") (Nasdaq: ONFC) relating to the proposed buyout of the Company by Community Bank System, Inc. ("CBU").

On February 24, 2015, Oneida and CBU announced the signing of a definitive agreement pursuant to which CBU will acquire Oneida. Under the terms of the transaction, Oneida shareholders can elect to receive either $20.00 in cash or 0.5635 shares of CBU common stock per share for each outstanding share of Oneida common stock, subject to an overall 60% stock and 40% cash split. The transaction is expected to close in July, 2015, though Oneida shareholders will most likely be asked to vote on the transaction well before that time.

The firm's investigation seeks to determine, among other things, whether the Company's Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company's shares of common stock. In particular, according to Bloomberg, the Price to EBITDA and Revenue multiples are below the average of comparable transactions.

If you currently own common stock of Oneida and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at You may also request more information by contacting Brower Piven either by email at or by telephone at (410) 415-6616.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.

Copyright Business Wire 2010