WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you own shares of Polonia Bancorp, Inc. (OTC PINK: PBCP)?
- Did you purchase any of your shares prior to June 2, 2016?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Polonia Bancorp, Inc. (“Polonia” or the “Company”) (OTC PINK: PBCP) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Prudential Bancorp, Inc. of Pennsylvania (“Prudential”) (NASDAQ GM: PBIP), in a transaction valued at approximately $38.1 million.
Click here to learn more: http://rigrodskylong.com/investigations/polonia-bancorp-inc-pbcp.
Under the terms of the agreement, shareholders of Polonia will be entitled to elect to receive either 0.7591 shares of Prudential common stock or $11.28 in cash for each common share of Polonia, subject to proration and allocation to ensure that 50% of outstanding Polonia shares are exchanged for shares of Prudential common stock and 50% are exchanged for cash.
The investigation concerns whether Polonia’s board of directors failed to adequately shop the Company and obtain the best possible value for Polonia’s shareholders before entering into an agreement with Prudential.
If you own the common stock of Polonia and purchased your shares before June 2, 2016, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to info@rl-legal.com, or at: http://rigrodskylong.com/investigations/polonia-bancorp-inc-pbcp.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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