SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Newport Bancorp, Inc. in Connection with the Sale of the Company to SI Financial Group, Inc.

08 Mar, 2013, 12:51 ET from Levi & Korsinsky, LLP

NEW YORK, March 8, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Newport Bancorp, Inc. ("Newport" or the "Company") (NasdaqGM: NFSB) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to SI Financial Group, Inc. ("SIFI") (NasdaqGM: SIFI).

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Under the terms of the transaction, Newport Bancorp shareholders may elect to receive either $17.55 in cash or 1.5129 shares of SIFI for each share of Newport Bancorp stock they own. The investigation concerns whether the Newport Bancorp Board of Directors breached their fiduciary duties to Newport Bancorp stockholders by failing to adequately shop the Company before entering into this transaction and whether SIFI is underpaying for Newport Bancorp shares, thus unlawfully harming Newport Bancorp stockholders.

If you own common stock in Newport Bancorp and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or  

Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free:  (877) 363-5972
Fax: (866) 367-6510

SOURCE Levi & Korsinsky, LLP