BALA CYNWYD, Pa., Oct. 25, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that a class action lawsuit has been filed in Maryland Circuit Court against the Board of Directors of Home Federal Bancorp, Inc. ("Home" or the "Company") (Nasdaq: HOME) relating to the proposed acquisition by Banner Corporation.
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Under the terms of the transaction, Home shareholders will receive only $13.40 per share for each share of Home stock they own. The litigation alleges breaches of fiduciary duty and other violations of state law by the Board of Directors of Home for not acting in the Company's shareholders' best interests in connection with the sale process.
The transaction may undervalue the Company and result in a loss for many shareholders as Home stock traded at $14.55 per share as recently as July 25, 2013 and traded at $13.96 on January 9, 2013. In addition, an analyst as set a $15.00 per share price target on Home stock and the premium being offered may be substantially below comparable transactions.
If you own shares of Home common 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, by visiting http://brodsky-smith.com/651-home-home-federal-bancorp-inc.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 case 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 successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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