The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Brooklyn Federal Bancorp, Inc.

Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the acquisition of Brooklyn Federal Bancorp, Inc. (“Brooklyn Federal” or “BFSB”) (NASDAQ: BFSB) by Investors Bancorp, Inc. Under the proposed buyout agreement, Brooklyn Federal shareholders will receive only $0.80 in cash for each share of Brooklyn Federal/BFSB held, which is below the share closing price just one day prior to the buyout announcement.

If you are an affected shareholder, and you want to learn more about the investigation or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The definitive acquisition agreement involves an all cash transaction valued at approximately $10.3 million. The transaction is expected to be completed in the fourth quarter of 2011.

“We are investigating the fairness of the proposed transaction to Brooklyn Federal shareholders, whether the shareholders are being underpaid for their stock, and whether Brooklyn Federal’s Board of Directors acted in the shareholders’ best interests,” said shareholder rights attorney Willie Briscoe. In particular, as recently as June 30, 2011, Brooklyn Federal/BFSB shares closed at $1.55, and the company’s stock closed at $0.85 per share, well above the offer price, the day before the buyout announcement. “Based on this and other factors, we are additionally investigating whether the transaction undervalues the stock, and our anticipated lawsuit will seek to obtain the highest share price for all shareholders,” said Willie Briscoe.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Brooklyn Federal Bancorp, Inc. (MM) (NASDAQ:BFSB)
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