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 Alliance Bancorp, Inc. of Pennsylvania (“Alliance Bancorp” or the “Company”) (Nasdaq: ALLB) relating to the proposed buyout of the Company by WSFS Financial Corporation (“WSFS”).
On March 3, 2015, Alliance Bancorp and WSFS announced the signing of a definitive agreement and plan of merger whereby WSFS will acquire Alliance in a transaction valued at approximately $92.0 million.
Under the terms of the transaction, shareholders of Alliance Bancorp will be entitled to elect to receive either 0.28955 shares of WSFS common stock or $22.00 in cash for each common share of Alliance Bancorp, subject to an overall allocation of exchanged shares into 70% common stock and 30% cash. The transaction is expected to close during the fourth quarter of 2015, though Alliance 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 failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company’s shares of common stock.
If you currently own common stock of Alliance 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 email@example.com 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.