NEW YORK, April 25, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Charter Financial Corp. ("CHFN" or the "Company") (NASDAQ: CHFN) in connection with the proposed acquisition of the Company by CenterState Bank Corporation ("CSFL") (NASDAQ: CSFL). Under the terms of the acquisition agreement, the Company's shareholders will receive 0.738 of a share of CSFL common stock and $2.30 in cash, representing consideration of $22.76 based on CSFL's April 24 stock price of $27.72.
WeissLaw is investigating whether CHFN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $32.00 per share, or $9.24 above the offer price.
Given these facts, WeissLaw is investigating whether CHFN's Board acted in the best interests of CHFN's public shareholders to maximize shareholder value prior to entering into the agreement. If you own CHFN 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 [email protected].
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] or fill out the form on our website, http://www.weisslawllp.com/charter-financial-corp/
SOURCE WeissLaw LLP