NEW YORK, June 12, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Stewardship Financial Corporation ("SSFN" or the "Company") (NASDAQ: SSFN) in connection with the proposed acquisition of the Company by Columbia Financial, Inc. ("Columbia"). Under the terms of the agreement, SSFN shareholders will receive $15.75 in cash for each SSFN share they own.
If you are a shareholder of SSFN who wishes to discuss the investigation or have any questions about this notice and your rights or interests, please contact:
Joshua Rubin, Esq. WeissLaw LLP 1500 Broadway, 16th Floor New York, NY 10036 (212) 682-3025 (888)593-4771 [email protected]
WeissLaw is investigating whether SSFN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the deal is a strategic transaction which will increase Columbia's footprint in New Jersey with the addition of SSFN's 12 local banking offices. According to Columbia's President and CEO, "the merger represents a significant step towards profitability deploying capital we raised in our public offering and is a great fit with our growth plan."
WeissLaw is also investigating whether SSFN's Board conducted a fair process in agreeing to the proposed merger, whether the proposed merger undervalues the Company, and whether all material information related to the proposed merger is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]