NEW YORK--(BUSINESS WIRE)--
Tripp Levy PLLC is investigating the Board of Directors of Somerset Hills Bancorp (“Somerset Hills” or the “Company”) (SOMH) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Lakeland Bancorp, Inc. (LBAI).
Under the terms of the transaction, Somerset Hills shareholders may elect to receive either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash for each share of Somerset Hills stock they own. Insiders holding approximately 7.9% of Somerset Hills outstanding shares have agreed to tender their shares. The investigation concerns whether the Somerset Hills Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Lakeland Bancorp, Inc. is underpaying for Somerset Hills, thus unlawfully harming Somerset Hills stockholders.
If you own common stock in Somerset Hills and wish to obtain additional information, please contact us toll free at 1-877-772-3975