NEW YORK, Nov. 6, 2018 /PRNewswire/ -- Notice is hereby given that Monteverde & Associates PC has filed a class action lawsuit in the United States District Court for the Southern District of New York, Case No. 1:18-cv-09395- PGG, on behalf of public common shareholders of Beneficial Bancorp, Inc. ("Beneficial" or the "Company") (NasdaqCM: BNCL) who held Beneficial securities on the record date October 29, 2018 (the "Class Period"), and have been harmed by Beneficial and its board of directors' (the "Board") alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the sale of the Company to WSFS Financial Corporation ("WSFS").
Pursuant to the terms of the Merger Agreement, each share of Beneficial common stock issued and outstanding will be converted into the right to receive 0.3013 shares of WSFS common stock and $2.93 in cash (the "Merger Consideration"). The complaint alleges that the Merger Consideration is inadequate and that the proxy statement provides shareholders with materially incomplete and misleading information about the proposed transaction ("the Proxy"), in violation of Sections 14(a) and 20(a) of the Exchange Act. In particular, the complaint alleges that the Proxy contains materially incomplete and misleading information concerning: (i) financial projections for Beneficial; and (ii) the valuation analyses performed by Beneficial's financial advisor, Sandler O'Neill & Partners, L.P., in support of their fairness opinion. The special meeting of Beneficial's shareholders to vote on the Proposed Transaction is currently scheduled for December 6, 2018.
If you wish to serve as lead plaintiff, you must move the Court no later than January 4, 2019. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating mergers & acquisitions and securities class actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
Contact: Juan E. Monteverde, Esq. MONTEVERDE & ASSOCIATES PC The Empire State Building 350 Fifth Ave, Suite 4405 New York, NY 10118 United States of America [email protected] Tel: (212) 971-1341
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