LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims against the Board of Directors of Newport Bancorp Inc. (“Newport Bancorp” or the “Company”) (NASDAQ: NFSB) related to the proposed acquisition of the Company by SI Financial Group, Inc. (“SIFI”). The transaction is valued at approximately $61.3 million, and shareholders may elect to receive either $17.55 in cash or 1.5129 shares of SIFI for each share of Newport Bancorp stock owned.
This investigation concerns whether the Board of Directors of Newport Bancorp breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has skyrocketed from $12.90 on March 15, 2012 to $16.75 on January 2, 2013.
If you are a shareholder of Newport Bancorp, if you have information or would like to learn more about our investigation, 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 Louis Boyarsky, Esquire, Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by email to firstname.lastname@example.org.
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