BALA CYNWYD, Pa., Dec. 16, 2014 /PRNewswire/ -- Law office of
Brodsky & Smith, LLC today announced that on December 15, 2014, a class action was commenced
on behalf of all holders of ESB Financial, Inc. ("ESBF" or the
"Company") (Nasdaq- ESBF- News) common shares in the United
States District Court for the Western District of Pennsylvania relating to the proposed
acquisition by WesBanco, Inc. ("WesBanco") (the "Proposed
Transaction").
If you are an ESBF common shareholder and wish to serve as lead
plaintiff, you must move the Court no later than 60 days from
today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, Jason
Brodsky or Evan Smith of
Brodsky & Smith, LLC at (877) LEGAL-90 or via e-mail at
investorrelations@brodsky-smith.com. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
ESBF operates as a thrift holding company for ESB Bank that
provides various retail and commercial financial products and
services in western Pennsylvania.
It offers various deposit products, including regular savings
accounts, checking and money market accounts, certificate accounts,
and time deposits.
The complaint alleges that ESBF, the Board and WesBanco breached
their duties, and/or aided and abetted such breaches, in connection
with their attempt to consummate the Proposed Transaction pursuant
to an unfair process and for an unfair price. In addition, the
complaint alleges ESBF and the Board disseminated a false and
misleading Registration Statement on Form S-4 (the "S-4") in
violation of §14(a) of the 1934 Act and Rule 14a-9 promulgated
thereunder in connection with the Proposed Transaction.
On October 29, 2014, ESBF and
WesBanco entered into a definitive agreement (the "Merger
Agreement") whereby WesBanco would acquire all of ESBF's
outstanding shares. Thereafter, on November
20, 2014, defendants caused the S-4 to be filed with the SEC
and disseminated in connection with the January 22, 2014 shareholder vote on the Proposed
Transaction. The complaint alleges the S-4 contains a number of
false and misleading statements that are material to shareholders
who are expected to rely upon the S-4 to determine whether to
approve the Proposed Transaction. The S-4 omits a number of
material facts necessary to make statements made therein not false
and misleading, including the events leading to the Merger
Agreement, the analyses conducted by the Board's financial advisor,
and ESBF's prospective financial information.
Plaintiff seeks injunctive and equitable relief on behalf of all
ESBF shareholders. Brodsky & Smith, LLC is a litigation law
firm with extensive expertise representing shareholders throughout
the nation in securities and case action lawsuits. The attorneys at
Brodsky & Smith have been appointed by numerous courts
throughout the country to serve as lead counsel in class actions
and successfully recovered millions of dollars for our clients and
shareholders. Attorney advertising. Prior results do not guarantee
a similar outcome.
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SOURCE Brodsky & Smith, LLC