NEW YORK, Oct. 2, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Bay Bancorp Inc. ("BYBK" or the "Company") (NASDAQ: BYBK) in connection with the proposed acquisition of the Company by Old Line Bancshares, Inc. ("Old Line"). Under the terms of the acquisition agreement, Old Line will acquire all outstanding shares of BYBK in a transaction valued at approximately $128.6 million.
WeissLaw is investigating whether BYBK's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results. On July 24, 2017, BYBK reported net income increased to $1.23 million in the second quarter of 2017, nearly tripling the $0.45 million reported in the same period of the prior year.
The Company also highlighted some its other financial successes since the beginning of the year, these include:
- Annual and sequential growth in return on average assets, total loans, and total deposits;
- Consistent "organic growth" in total assets; and
- Considerable decreases in nonperforming assets.
Given these facts, WeissLaw is investigating whether BYBK's Board acted in the best interests of BYBK's public shareholders to maximize shareholder value prior to entering into the agreement. If you own BYBK shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
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@example.com or fill out the form on our website, http://www.weisslawllp.com/bay-bancorp-inc/
SOURCE WeissLaw LLP