BALA CYNWYD, Pa., March 6, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Newport Bancorp, Inc. ("Newport Bancorp" or the "Company") (Nasdaq: NFSB) relating to the proposed acquisition by SI Financial Group, Inc. ("SI Financial").
Under the terms of the transaction, Newport Bancorp shareholders will receive only $17.55 per share in cash or 1.5129 shares of SI Financial for each share of Newport Bancorp stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Newport Bancorp for not acting in the Company's shareholders' best interests in connection with the sale process to SI Financial. The focus of the investigation is whether the Newport Bancorp Board of Directors breached their fiduciary duties by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction. The proposed transaction is only a very slight premium above the $17.25 Newport Bancorp stock traded at on November 1, 2012.
If you own shares of Newport Bancorp stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org visiting http://brodsky-smith.com/551-nfsb-newport-bancorp-inc.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC