NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Somerset Hills Bancorp (“Somerset” or the “Company”) (NasdaqGM: SOMH) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Lakeland Bancorp, Inc. (“Lakeland Bancorp”) (NasdaqGS: LBAI) in a cash-and-stock deal valued at approximately $64 million. Under the terms of the proposed transaction, Somerset’s stockholders will receive either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash for each share of Somerset they own. 90% of the aggregate merger consideration will be shares of Lakeland Bancorp common stock and 10% will be cash.
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The investigation focuses on whether Somerset’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Somerset’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Somerset and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/SOMH or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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