Law Office of Brodsky & Smith, LLC Announces Investigation of Smithtown Bancorp, Inc.
21 Julio 2010 - 11:34AM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
Smithtown Bancorp, Inc., (“Smithtown” or the “Company”)
(Nasdaq:SMTB) relating to the proposed acquisition by People’s
United Financial, Inc. (‘People’s United”).
Under the terms of the offer, Smithtown shareholders would
receive cash of $2.00 and 0.1430 People’s United stock for each
share of Smithtown stock they own. The transaction values Smithtown
stock at approximately $4.00 per share. The investigation concerns
possible breaches of fiduciary duty and other violations of state
law. The transaction appears to be unfair, in part, given that
Smithtown stock was trading at $4.01 a share as recently as July
12, 2010 and was trading at $5.51 a share on April 26, 2010.
If you own shares of Smithtown and wish to discuss the legal
ramifications of the proposed transaction, 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, or by calling toll free
877-LEGAL-90.
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