WILMINGTON, Del., March 7, 2013 /PRNewswire/ -- Rigrodsky
& Long, P.A.:
- Do you own shares of Newport Bancorp, Inc. (NASDAQ GM:
NFSB)?
- Did you purchase any of your shares prior to March 5, 2013?
- Do you think the proposed buyout price is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating
potential legal claims against the board of directors of Newport
Bancorp, Inc. ("Newport Bancorp" or the "Company") (NASDAQ GM:
NFSB) regarding possible breaches of fiduciary duties and other
violations of law related to the Company's entry into an agreement
to be acquired by SI Financial Group, Inc. ("SIFI") (NASDAQ GM:
SIFI) in a transaction valued at approximately $61.3 million.
Click here to learn more:
http://www.rigrodskylong.com/investigations/newport-bancorp-inc-nfsb.
Under the terms of the proposal, public shareholders of Newport
Bancorp will have the right to elect to receive either $17.55 in cash or 1.5129 shares of SIFI for each
share of Newport Bancorp they own, subject to the proration
procedures so that 50 percent of the outstanding Newport Bancorp
common shares is converted into SIFI common stock and the balance
is converted into cash consideration. Based on SIFI's
five-day average closing price of $11.60 on March 4,
2013, the transaction is valued at $17.55 per share in the aggregate.
The investigation concerns whether Newport Bancorp's board of
directors failed to adequately shop the Company and obtain the best
possible value for Newport Bancorp's shareholders before entering
into an agreement with SIFI.
If you own the common stock of Newport Bancorp and purchased
your shares before March 5, 2013, if
you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825
East Gate Boulevard, Suite 300, Garden
City, New York 11530, toll free at (888) 969-4242, by e-mail
to info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/newport-bancorp-inc-nfsb.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes
securities class, derivative and direct actions, shareholder rights
litigation and corporate governance litigation, on behalf of
shareholders in states and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rigrodskylong.com
http://www.rigrodskylong.com
SOURCE Rigrodsky & Long, P.A.
