NEW YORK, June 3, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Polonia Bancorp, Inc. ("PBCP" or the "Company") in connection with the proposed acquisition of the Company by Prudential Bancorp, Inc. ("Prudential"). On June 2, 2016, the Company announced it had reached a definitive agreement for Prudential to acquire all outstanding shares of PBCP for either 0.7591 shares of Prudential common stock or $11.28 in cash for each common share of PBCP.
WeissLaw is investigating whether PBCP's Board acted to maximize shareholder value prior to entering into the agreement. The proposed acquisition offers no premium to PBCP shareholders. Notably, PBCP stock traded above the per share consideration as recently as February 3, 2016, when it traded as high at $11.50 per share. Further, the per share consideration offered to shareholders falls well below the Company's 52-week high of $15.99. Prudential stands to realize significant synergies from the transaction, including by its estimation over 50% cost savings on operations.
Given these facts, WeissLaw is investigating whether PBCP's Board acted in the best interests of PBCP's public shareholders to maximize shareholder value prior to entering into the agreement. If you own PBCP shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP