BALA CYNWYD, Pa., May 4, 2016 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of First Clover Leaf Financial Corp. ("First Clover Leaf" or "the Company") (Nasdaq- FCLF-News) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to First Mid-Illinois Bancshares Inc. ("First Mid-Illinois").
Click here to learn more about the investigation http://brodsky-smith.com/1068-fclf-first-clover-leaf-financial-corp.html, or call: 877-534-2590. There is no cost or obligation to you.
Under the terms of the transaction, First Clover Leaf shareholders will receive only $12.87 in cash or 0.495 of a First Mid-Illinois share of stock for each share of First Clover Leaf stock they own. The investigation concerns whether the Board of First Clover Leaf breached their fiduciary duties to shareholders and whether First Mid-Illinois is underpaying for the Company. The transaction may undervalue the Company and would result in a loss for many First Clover Leaf shareholders. For example, First Clover Leaf stock traded at $26.40 per share on January 8, 2015 and an analyst has set a $30.00 per share price target for First Clover Leaf stock.
If you own shares of First Clover Leaf stock and wish to discuss the legal ramifications of the investigation, 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 510, Bala Cynwyd, PA 19004, by visiting http://brodsky-smith.com/1068-fclf-first-clover-leaf-financial-corp.html, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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SOURCE Brodsky & Smith, LLC