NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder law firm, has launched an investigation into whether the board members of VSB Bancorp, Inc. (Other OTC: VSBN) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed sale to Northfield Bancorp, Inc.
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On December 23, 2019 VSB Bancorp announced that it had signed an agreement to be acquired by Northfield Bancorp in a deal worth about $62.9 million. Per the merger agreement VSB Bancorp stockholders will receive between 1.8514 and 2.0463 shares of Northfield common stock for each share of VSB Bancorp common stock owned. The final exchange ratio will be decided based on Northfield’s ten-day average stock price just prior to the closing of the merger. The deal is scheduled to close in the second quarter of 2020.
Bragar Eagel & Squire is concerned that VSB Bancorp’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for VSB Bancorp stockholders.
If you own shares of VSB Bancorp and are concerned about the proposed merger, or you’re interested in learning more about the investigation or your legal rights and remedies, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
