Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against the Members of Harleysville National Corporation
05 February 2010 - 6:38AM
Business Wire
Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin
Stoia”) (http://www.csgrr.com/cases/harleysville/) today announced
that a class action has been commenced in the United States
District Court for the Eastern District of Pennsylvania on behalf
of a proposed class of Harleysville National Corporation
(“Harleysville”) (NASDAQ:HNBC) shareholders and their
successors-in-interest, other than defendants or those associated
with defendants, who were holders of record on December 7, 2009 and
eligible to vote at the January 22, 2010 shareholder meeting.
The complaint charges the members of Harleysville’s Board of
Directors with violations of federal securities laws for their
failure to provide shareholders with all material information in
the merger proxy statement (the “Proxy”) seeking shareholder
approval of the merger (the “Merger”) between Harleysville and
First Niagara Financial Group, Inc. (“FNFG”). Among other things,
plaintiff alleges that the Proxy was false and misleading, having
misrepresented and/or omitted the following: (i) that the defendant
directors who recommended a vote for the Merger failed to update
the Proxy to indicate material changes in Harleysville’s level of
delinquent loans; (ii) that the fairness opinion included in the
Proxy was false and misleading because it was based upon stale data
and not properly updated to include the material changes in
Harleysville’s level of delinquent loans; (iii) the true value of
FNFG and the fact that defendants breached their fiduciary duty in
failing to adequately value FNFG; and (iv) Harleysville’s prospects
in remaining a stand-alone bank.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Darren Robbins or
Randall Baron of Coughlin Stoia at 800-449-4900 or 619-231-1058, or
via e-mail at djr@csgrr.com. If you are a member of this class, you
can view a copy of the complaint as filed or join this class action
online at http://www.csgrr.com/cases/harleysville/. Any member of
the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
Plaintiff seeks to recover damages on behalf of all shareholders
who were holders of record on December 7, 2009 and eligible to vote
at the January 22, 2010 shareholder meeting (the “Class”). The
plaintiff is represented by Coughlin Stoia, which has expertise in
prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Coughlin Stoia, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and
state courts throughout the United States and has taken a leading
role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights
violations. The Coughlin Stoia Web site (http://www.csgrr.com) has
more information about the firm.
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