Law Firm Brower Piven Announces Investigation of Atlantic Coast Financial
Corporation Proposed Buyout
STEVENSON, Md. -- February 26, 2013
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”) (Nasdaq: “ACFC”) 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.
If you currently own common stock of Atlantic Coast and would like to learn
more about the investigation being conducted by Brower Piven, you may email or
call Brower Piven, who will, without obligation or cost to you, attempt to
answer your questions. You may contact Brower Piven by email at
email@example.com, by calling (410) 415-6616, or at Brower Piven, A
Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating securities and
other class action cases of over 60 years.
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
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