BALA CYNWYD, Pa., May 15, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is continuing its investigation of potential claims against the Board of Directors of Atlantic Coast Financial Corporation ("Atlantic Coast" or the "Company") (Nasdaq: ACFC) relating to the proposed acquisition by Bond Street Holdings, Inc. ("Bond Street").
Click here to learn more about the investigation http://brodsky-smith.com/548-acfc-atlantic-coast-financial-corporation.html, or call: 877-534-2690. There is no cost or obligation to you.
On April 4, 2013, Brodsky & Smith, LLC filed a lawsuit on behalf of an Atlantic Coast shareholder in Maryland State Court which was subsequently removed to the United States District Court for Maryland. Thereafter, on May 13, 2013, Atlantic Coast filed a Definitive Proxy with the SEC which Brodsky & Smith, LLC alleges omits, among other things, the sales process for Atlantic Coast, Atlantic Coast's financial projections, and data underlying Atlantic Coast's financial valuation. As a result, the investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Atlantic Coast for not acting in the Company's shareholders' best interests in connection with the sale process and the agreement to accept only $5.00 per share.
If you own shares of Atlantic Coast 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 [email protected] visiting http://brodsky-smith.com/548-acfc-atlantic-coast-financial-corporation.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC