Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Law Office of Brodsky & Smith, LLC Announces Investigation of Atlantic Coast Financial Corporation



 Law Office of Brodsky & Smith, LLC Announces Investigation of Atlantic Coast
                            Financial Corporation

PR Newswire

BALA CYNWYD, Pa., March 2, 2013

BALA CYNWYD, Pa., March 2, 2013 /PRNewswire/ -- Law office of Brodsky & Smith,
LLC announces that it is investigating potential claims against the Board of
Directors of Atlantic Coast Financial Corporation ("Atlantic Coast" or the
"Company") (Nasdaq: ACFC) 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.

If you own shares of Atlantic Coast stock and wish to discuss the legal
ramifications of the proposed transaction, or have any questions, you may
e-mail or call the law office of Brodsky & Smith, LLC who will, without
obligation or cost to you, attempt to answer your questions.  You may contact
Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC,
Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com visiting
http://brodsky-smith.com/548-acfc-atlantic-coast-financial-corporation.html,
by calling toll free 877-LEGAL-90.

SOURCE Brodsky & Smith, LLC

Website: http://www.brodsky-smith.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement