NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky is investigating the Board of Directors of Atlantic Coast Financial (“Atlantic Coast” or the “Company”) (Nasdaq: ACFC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Bond Street Holdings, Inc.
Click here to learn how to join the action: http://zlk.9nl.com/atlantic-coast-financial-acfc/, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, Atlantic Coast shareholders will receive $5.00 for each share of Atlantic Coast stock they own; of that $5.00 consideration, $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 the Atlantic Coast Board of Directors breached their fiduciary duties to Atlantic Coast stockholders by failing to adequately shop the Company before entering into this transaction and whether Bond Street Holdings, Inc. is underpaying for Atlantic Coast shares, thus unlawfully harming Atlantic Coast stockholders. In particular, Atlantic Coast has a reported a book value of $16.96 per share for the most recent quarter.
If you own common stock in Atlantic Coast and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/atlantic-coast-financial-acfc/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.