Atlantic Coast Financial Shareholder Alert: Briscoe Law Firm and Powers
Taylor, LLP Investigate Merger with Bond Street Holdings
DALLAS -- February 26, 2013
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 Corporation (“Atlantic”)
(NasdaqGM: ACFC) 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.
If you are an affected investor, and you want to learn more about the lawsuit
or join the action, please contact Willie Briscoe at The Briscoe Law Firm,
PLLC, (214) 239-4568, via email at WBriscoe@TheBriscoeLawFirm.com or Zach
Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
email@example.com. There is no cost or fee to you.
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. According to shareholder rights attorney Patrick Powers,
“based upon the size of the transaction, the nature of the consideration, the
proposed sale price and other factors, we are concerned that this deal may
undervalue Atlantic’s stock. Our proposed lawsuit will seek to obtain the
highest share price for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of experience in
complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of
complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits, and
security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
Powers Taylor, LLP
Zach Groover, 877-728-9607
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