BALA CYNWYD, PA / ACCESSWIRE / July 27, 2018 / Law office of Brodsky & Smith, LLC announces that it is continuing its investigation of potential claims against the Board of Directors of First Connecticut Bancorp, Inc. ("First Connecticut" or "the Company") (NASDAQ:FBNK News) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to People's United Financial, Inc. ("People's United").
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Under the terms of the transaction, First Connecticut shareholders will receive only 1.725 shares of People's United stock for each share of First Connecticut stock they own. When announced, the transaction valued First Connecticut at only $32.33 per share. The investigation concerns whether the Board of First Connecticut breached their fiduciary duties to shareholders and whether People's United is underpaying for the Company. The transaction may undervalue the Company and may not be in the First Connecticut shareholders best interests. For example, an analyst has set a $37.00 per share price target for the stock.
If you own shares of First Connecticut stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/first-connecticut-bancorp-inc-nasdaq-fbnk/, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC