NEW YORK, March 13, 2020 /PRNewswire/ -- WeissLaw
LLP is investigating possible breaches of fiduciary duty and
other violations of law by the Board of Directors of SB One Bancorp
("SBBX" or the "Company") (NASDAQ: SBBX) in connection with the
proposed acquisition of the Company by Provident Financial
Services, Inc. ("PFS") (NYSE: PFS). Under the terms of the
acquisition agreement, shareholders will receive a fixed ratio
1.357 PFS shares for each SBBX share they own, representing
consideration of $18.31 based on PFS'
March 12 closing price.
If you own SBBX shares and wish to discuss
this investigation or have any questions concerning this notice or
your rights or interests, visit our website:
http://www.weisslawllp.com/sb-one-bancorp/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether SBBX's Board acted to maximize
shareholder value prior to entering into the acquisition
agreement. Notably, at least one analyst set a target price
of $27.50 per SBBX share, or
$9.19 above the per-share
consideration. Additionally, SBBX's shares traded for
$25.24, or approximately $7.00 above the per share consideration, as
recently as December 2019.
Moreover, the Company recently announced record financial
results for the fourth quarter of 2019. It reported a
remarkable 127% increase in net income, and a 29.6% increase in
revenue.
Given these facts, WeissLaw is concerned whether the proposed
acquisition undervalues the Company, and whether all material
information related to the proposed acquisition is fully and fairly
disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP