NEW YORK, March 6, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Newport Bancorp Inc. ("NFSB" or the "Company") (NASDAQ: NFSB) concerning the proposed acquisition of the Company by SI Financial Group, Inc. ("SIFG") in a transaction valued at approximately $61 million.
On March 5, 2013, NFSB announced that it had entered into a definitive agreement pursuant to which the Company will be acquired by SIFG. Under the terms of the agreement, NFSB stockholders will have the right to elect to receive either $17.55 in cash or 1.5129 shares of SIFG common stock in exchange for each share of NFSB held.
Our investigation concerns whether the NFSB board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.
If you own NFSB shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP