WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you own shares of Atlantic Coast Financial Corporation (NASDAQ GM: ACFC)?
- Did you purchase any of your shares prior to February 26, 2013?
- Do you think the proposed buyout price is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Atlantic Coast Financial Corporation (“ACFC” or the “Company”) (NASDAQ GM: ACFC) 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”).
Click here to learn more: http://www.rigrodskylong.com/investigations/atlantic-coast-financial-corporation-acfc.
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.
If you own the common stock of ACFC and purchased your shares before February 26, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/atlantic-coast-financial-corporation-acfc.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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