STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Simplicity Bancorp, Inc., a Maryland corporation, (“Simplicity Bancorp” or “the Company”) (Nasdaq: SMPL) relating to the proposed buyout of the Company by HomeStreet, Inc. (“HomeStreet”). Brower Piven is the only firm headquartered in Maryland with a practice dedicated primarily to shareholder class action litigation.
Under the terms of the transaction, Simplicity Bancorp shareholders are expected to receive one share of HomeStreet common stock for each share owned of Simplicity common stock, subject to adjustment if HomeStreet’s closing stock price during a specified measurement period prior to closing is more than $20 or less than $15 per share. The transaction is expected to close in the first quarter of 2015, though Simplicity Bancorp shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into the transaction, and whether HomeStreet is underpaying for Simplicity Bancorp shares.
If you currently own common stock of Simplicity Bancorp and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.