The investigation concerns whether the Ocean Shore directors are breaching their fiduciary duties by failing to adequately maximize shareholder value. Under the terms of the proposed transaction, Ocean Shore common stock will be entitled to receive $4.35 in cash and 0.9667 shares of OceanFirst common stock for each share of Ocean Shore common stock.
However, the merger price is below a recent analyst target price of $20.00 per share. Moreover, EBIT is below the average of comparable transactions, according to a Bloomberg analysis.
Pomerantz LLP, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz LLP pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz LLP continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
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SOURCE Pomerantz LLP