MILWAUKEE, Nov. 17, 2017 /PRNewswire/ -- Ademi &
O'Reilly, LLP is investigating the Board of Directors of Atlantic
Coast Financial Corporation (Nasdaq: ACFC) for possible breaches of
fiduciary duty and other violations of Maryland law in connection with the sale of
Atlantic Coast to Ameris.
Click here to learn how to join the action:
http://ademilaw.com/case/atlantic-coast or call Guri Ademi toll-free at 866-264-3995. There is
no cost or obligation to you.
Ademi & O'Reilly, LLP alleges Atlantic Coast's long-term
financial outlook is improving and yet Atlantic Coast shareholders
will receive the equivalent of $9.32
per Atlantic Coast common share or approximately $145 million in the aggregate. Ameris is
well aware of Atlantic Coast's improving financial metrics and is
purchasing Atlantic Coast at a substantial discount. The merger
agreement unreasonably limits competing bids for Atlantic Coast by
(i) prohibiting solicitation of any further bids, and (ii) imposing
a termination penalty should Atlantic Coast receive and accept a
superior bid. Atlantic Coast insiders, their affiliates and other
major shareholders own significant voting stock, and will receive
millions of dollars as part of change of control arrangements, and
therefore can unduly influence a sale of Atlantic Coast. Our
investigation centers on the conduct of Atlantic Coast's Board of
Directors, who have unanimously approved the transaction, and
whether they are (i) fulfilling their fiduciary duties to all
shareholders, and (ii) obtaining a fair and reasonable price for
Atlantic Coast given its current financial condition and
prospects.
If you own common stock in Atlantic Coast and wish to obtain
additional information, please contact Guri
Ademi either at gademi@ademilaw.com or toll-free:
866-264-3995, or http://ademilaw.com/case/atlantic-coast.
We specialize in shareholder litigation involving buyouts,
mergers, and individual shareholder rights throughout the country.
For more information, please feel free to call us. Attorney
advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi & O'Reilly, LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
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SOURCE Ademi & O'Reilly, LLP