STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Atlantic Coast Financial Corporation (“Atlantic Coast” or the “Company”) (Nasdaq: “ACFC”) and other violations of state law by the board of directors of Atlantic Coast relating to the proposed buyout of the Company by Bond Street Holdings, Inc. Atlantic Coast is the holding company of Atlantic Coast Bank. The firm’s investigation seeks to determine, among other things, whether Atlantic Coast’s board of directors breached their fiduciary duties by failing to maximize shareholder value.
According to the press release announcing the proposed buyout, the Company’s shareholders will receive $5.00 per share in cash for each common share owned. Of the total transaction price of $5.00, $2.00 will be held in an escrow account and will be available to cover losses from stockholder claims for one year or until the final resolution of such claims, if later.
If you currently own common stock of Atlantic Coast and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.