SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces Investigation of FedFirst Financial Corp. In Connection With the Sale of Th...
16 Abril 2014 - 5:05PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
FedFirst Financial Corp. (“FedFirst” or the “Company”) (Nasdaq:
FFCO) relating to the proposed acquisition by CB Financial
Services, Inc. (“CB”).
Click here to learn more about the investigation
http://brodsky-smith.com/746-ffco-fedfirst-financial-corp.html, or
call 877-534-2590. There is no cost or obligation to you.
Under the terms of the transaction, FedFirst shareholders will
now receive only $23.00 in cash or shares of CB common stock based
on a fixed exchange ratio of only 1.1590 shares of CB stock for
each share of FedFirst stock they own. The transaction subjects
FedFirst shareholders to proration to ensure at closing that 65% of
the outstanding shares of FedFirst common stock are exchanged for
shares of CB common stock and the remaining 35% are exchanged for
cash.
The investigation concerns possible breaches of fiduciary duty
and other violations of state law by the Board of Directors of
FedFirst for not acting in the Company’s shareholders’ best
interests in connection with the sale process. The transaction may
undervalue FedFirst and the investigation seeks to determine if
conflicts of interest played a role in the transaction. Effective
upon the closing of the merger, current FedFirst directors John J.
LaCarte, John M. Swiatek, Patrick G. O’Brien and Richard B. Boyer
will be appointed to the boards of directors of CB and Community
Bank. In addition, Mr. O’Brien will serve as Executive Vice
President and Chief Operating Officer of Community Bank and Mr.
Boyer will serve as Vice President of Insurance Operations of
Community Bank.
Mr. Boyer currently serves as President and Chief Operating
Officer of Exchange Underwriters, Inc., a Cannonsburg, PA-based
full-service insurance agency, in which First Federal Savings Bank,
through a wholly-owned subsidiary, owns an 80% equity interest. Mr.
Boyer owns the remaining 20% equity interest. Under the terms of
the merger agreement, First Federal Savings Bank will purchase from
Mr. Boyer his 20% equity interest before the closing of the merger.
Mr. Boyer will continue to serve as President and Chief Operating
Officer of Exchange Underwriters, Inc. upon the closing of the
merger.
If you own shares of FedFirst common stock and wish to discuss
the legal ramifications of the investigation, or have any
questions, you may e-mail or call the law office of Brodsky &
Smith, LLC who will, without obligation or cost to you, attempt to
answer your questions. You may contact Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza,
Suite 602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com, by visiting
http://brodsky-smith.com/746-ffco-fedfirst-financial-corp.html, or
calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive
expertise representing shareholders throughout the nation in
securities and case action lawsuits. The attorneys at Brodsky &
Smith have been appointed by numerous courts throughout the country
to serve as lead counsel in class actions and successfully
recovered millions of dollars for our clients and shareholders.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Brodsky & Smith, LLCJason L. Brodsky, EsquireEvan J. Smith,
Esquire877-LEGAL-90investorrelations@brodsky-smith.comhttp://brodsky-smith.com/746-ffco-fedfirst-financial-corp.html
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