NEW YORK, March 13, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of SB One Bancorp ("SBBX" or the "Company") (NASDAQ: SBBX) in connection with the proposed acquisition of the Company by Provident Financial Services, Inc. ("PFS") (NYSE: PFS). Under the terms of the acquisition agreement, shareholders will receive a fixed ratio 1.357 PFS shares for each SBBX share they own, representing consideration of $18.31 based on PFS' March 12 closing price.
If you own SBBX shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether SBBX's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, at least one analyst set a target price of $27.50 per SBBX share, or $9.19 above the per-share consideration. Additionally, SBBX's shares traded for $25.24, or approximately $7.00 above the per share consideration, as recently as December 2019.
Moreover, the Company recently announced record financial results for the fourth quarter of 2019. It reported a remarkable 127% increase in net income, and a 29.6% increase in revenue.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition 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@example.com
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SOURCE WeissLaw LLP