Law Firm Brower Piven Announces Investigation of CommerceFirst Bancorp, Inc.
22 Dezembro 2011 - 3:54PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of CommerceFirst Bancorp, Inc.
(“CommerceFirst”) (Nasdaq: CMFB) and other violations of state law
by the board of directors of CommerceFirst relating to the proposed
acquisition of the company by Sandy Spring Bancorp, Inc. (“Sandy
Spring”). The firm's investigation seeks to determine, among other
things, whether the board breached their fiduciary duties by
failing to maximize shareholder value.
On December 20, 2011, CommerceFirst and Sandy Spring announced
the execution of a definitive merger agreement. According to the
announcement, Sandy Spring will acquire all shares of CommerceFirst
common stock for a combination of 50% Sandy Spring common stock and
50% cash. The announcement further states that the stock
consideration will be at a fixed exchange ratio of 0.08043 Sandy
Spring shares for each CommerceFirst share and the cash
consideration will be $13.60 per share. According to the press
release, the total transaction value is approximately $25.4 million
in stock and cash.
If you currently own shares of CommerceFirst and would like to
learn more about the investigation being conducted by Brower Piven,
you may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925
Old Valley Road, Stevenson, Maryland 21153. Brower Piven is a
Maryland-based firm that is experienced with the Maryland legal
standards that will apply in seeking to protect shareholders'
rights. Attorneys at Brower Piven have combined experience
litigating securities and other class action cases of over 60
years.
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