Key Developments: Atlantic Coast Financial Corp (ACFC.W)
5.68USD
8 May 2013
$1.34 (+30.88%)
$4.34
$5.68
$5.68
$5.68
100
3
$5.68
$2.10
Latest Key Developments (Source: Significant Developments)
Law Office of Brodsky & Smith, LLC Announces Continuing Investigation Of Atlantic Coast Financial Corp
Law office of Brodsky & Smith, LLC announced that it is continuing investigation of potential claims against the Board of Directors of Atlantic Coast Financial Corporation relating to the proposed acquisition by Bond Street Holdings, Inc. On April 4, 2013, Brodsky & Smith, LLC filed a lawsuit on behalf of an Atlantic Coast shareholder in Maryland State Court which was subsequently removed to the United States District Court for Maryland. Thereafter, on May 13, 2013, Atlantic Coast filed a Definitive Proxy with the SEC which Brodsky & Smith, LLC alleges omits, among other things, the sales process for Atlantic Coast, Atlantic Coast's financial projections, and data underlying Atlantic Coast's financial valuation. As a result, 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' interests in connection with the sale process and the agreement to accept only $5.00 per share. Full Article
Law Firm Brower Piven Announces Investigation Of Atlantic Coast Financial Corp Proposed Buyout
The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Atlantic Coast Financial Corporation (Atlantic Coast or the Company) and other violations of state law by the board of directors of Atlantic Coast relating to the proposed buyout of the Company by Bond Street Holdings, Inc. Atlantic Coast is the holding company of Atlantic Coast Bank. The firm`s investigation seeks to determine, among other things, whether Atlantic Coast`s board of directors breached their fiduciary duties by failing to maximize shareholder value. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Atlantic Coast Financial Corp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Atlantic Coast Financial Corp 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 $10.32 on March 11, 2011. In addition, Atlantic Coast has a reported book value of $16.96 per share. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Atlantic Coast Financial Corp
Levi & Korsinsky is investigating the Board of Directors of Atlantic Coast Financial Corp for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Bond Street Holdings, Inc.The investigation concerns whether the Atlantic Coast Board of Directors breached their fiduciary duties to Atlantic Coast stockholders by failing to adequately shop the Company before entering into this transaction and whether Bond Street Holdings, Inc. is underpaying for Atlantic Coast shares, thus unlawfully harming Atlantic Coast stockholders. In particular, Atlantic Coast has a reported a book value of $16.96 per share for the most recent quarter. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Atlantic Coast Financial Corp Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Atlantic Coast Financial Corp regarding possible breaches of fiduciary duties and other violations of law related to the Company`s entry into an agreement to be acquired by Bond Street Holdings, Inc. (Bond Street). Under the terms of the proposal, public shareholders of ACFC will receive $5.00 per share in cash for each share of ACFC they own. Of the total transaction price of $5.00, $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 whether ACFC`s board of directors failed to adequately shop the Company and obtain the best possible value for ACFC`s shareholders before entering into an agreement with Bond Street. Full Article
Law Firm Brower Piven Announces Investigation of Atlantic Coast Financial Corp Proposed Buyout
The securities litigation firm of Brower Piven, A Professional Corporation, announced that it has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Atlantic Coast Financial Corp (Atlantic Coast or the Company) and other violations of state law by the board of directors of Atlantic Coast relating to the proposed buyout of the Company by Bond Street Holdings, Inc. Atlantic Coast is the holding company of Atlantic Coast Bank. The firm`s investigation seeks to determine, among other things, whether Atlantic Coast`s board of directors breached their fiduciary duties by failing to maximize shareholder value. According to the press release announcing the proposed buyout, the Company`s shareholders will receive $5.00 per share in cash for each common share owned. Of the total transaction price of $5.00, $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. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate Atlantic Coast Financial Corp Merger with Bond Street Holdings
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Atlantic Coast Financial Corp (Atlantic) 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. 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. Full Article
Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Atlantic Coast Financial Corp
Levi & Korsinsky announced that it is investigating the Board of Directors of Atlantic Coast Financial Corp (Atlantic Coast or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Bond Street Holdings, Inc. Under the terms of the transaction, Atlantic Coast shareholders will receive $5.00 for each share of Atlantic Coast stock they own; of that $5.00 consideration, $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 whether the Atlantic Coast Board of Directors breached their fiduciary duties to Atlantic Coast stockholders by failing to adequately shop the Company before entering into this transaction and whether Bond Street Holdings, Inc. is underpaying for Atlantic Coast shares, thus unlawfully harming Atlantic Coast stockholders. In particular, Atlantic Coast has a reported a book value of $16.96 per share for the most recent quarter. Full Article
Atlantic Coast Financial Corp Signs Definitive Merger Agreement With Bond Street Holdings Inc
Atlantic Coast Financial Corp announced that the Company has entered into a definitive merger agreement with Bond Street Holdings Inc (Bond Street) under which the Company will merge into Bond Street, a community-oriented bank holding company with $3.2 billion in total assets that operates 41 community banking branches along both Florida coasts and in the Orlando area. Upon completion of that transaction, Atlantic Coast Bank will merge into Florida Community Bank, N.A., Bond Street's banking subsidiary. As a result of this strategic merger agreement, the Company's stockholders will receive $5.00 per share in cash for each common share owned. The $5.00 per share merger consideration to be realized by the Company's stockholders represents a premium of approximately 49% to the Company's average stock price of $3.36 over the 10-day period ended February 25, 2013. Of the total transaction price of $5.00, $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 transaction is expected to be completed by the end of the second quarter of 2013, subject to customary conditions, including regulatory approvals and the approval of Company stockholders. Full Article
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