Newport Bancorp Inc. Board of Directors Under Investigation by Glancy Binkow & Goldberg LLP for Potential Breaches of Fiducia...
06 Mars 2013 - 6:40PM
Business Wire
Glancy Binkow & Goldberg LLP announces that it is
investigating potential claims against the Board of Directors of
Newport Bancorp Inc. (“Newport Bancorp” or the “Company”) (NASDAQ:
NFSB) related to the proposed acquisition of the Company by SI
Financial Group, Inc. (“SIFI”). The transaction is valued at
approximately $61.3 million, and shareholders may elect to receive
either $17.55 in cash or 1.5129 shares of SIFI for each share of
Newport Bancorp stock owned.
This investigation concerns whether the Board of Directors of
Newport Bancorp breached their fiduciary duties to stockholders by
failing to adequately shop the Company before agreeing to enter
into the proposed transaction, and whether the Company has
disclosed all material information to shareholders about the
transaction. The Company has seen substantial recent growth. Its
share price has skyrocketed from $12.90 on March 15, 2012 to $16.75
on January 2, 2013.
If you are a shareholder of Newport Bancorp, if you have
information or would like to learn more about our investigation, 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 Louis Boyarsky, Esquire,
Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite
2100, Los Angeles, CA 90067, by telephone at (310) 201-9150 or Toll
Free at (888) 773-9224 or by email to
shareholders@glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Newport Bancorp, Inc. (MM) (NASDAQ:NFSB)
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