NEW YORK, Oct. 29, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Empire Bancorp, Inc. ("EMPK" or the "Company") (EMPK) in connection with the proposed acquisition of the Company by Flushing Financial Corporation ("FFIC") (FFIC). Under the terms of the acquisition agreement, EMPK shareholders may elect to receive either 0.6548 shares of FFIC or $14.04 in cash for each EMPK share they own.
If you own EMPK 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 EMPK's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, according to the acquisition announcement, "[t]his transaction will allow [FFIC] to expand its Long Island presence with the addition of three Suffolk County locations." Moreover, the Company recently announced positive financial results in the third quarter of 2019. It reported net income of $1.1 million, representing an increase of $237 thousand when compared to the $863 thousand reported in the previous period.
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 firstname.lastname@example.org
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