SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Alliance Bankshares Corporation in Connection with the Sale of the Company to WashingtonFirst Bankshares Inc.
NEW YORK, Aug. 22, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Alliance Bankshares Corporation ("Alliance" or the "Company") (Nasdaq: ABVA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to WashingtonFirst Bankshares Inc. ("WashingtonFirst") (OTC BB: WFBI).
Under the terms of the transaction, Alliance shareholders will may elect to receive either 0.4435 shares of WashingtonFirst common stock or $5.30 in cash for each share of Alliance common stock they own. The transaction has an approximate total value of $24.4 million. The investigation concerns whether the Alliance Board of Directors breached their fiduciary duties to Alliance stockholders by failing to adequately shop the Company before entering into this transaction and whether WashingtonFirst is underpaying for Alliance shares, thus unlawfully harming Alliance stockholders.
Levi & Korsinsky is a national firm with offices in New York 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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: 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: (212) 363-7171