Rigrodsky & Long, P.A. Announces Investigation Of Newport Bancorp, Inc. Buyout

Rigrodsky & Long, P.A. Announces Investigation Of Newport Bancorp, Inc. Buyout

WILMINGTON, Del.--(BUSINESS WIRE)-- 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.



Rigrodsky & Long, P.A.
Peter Allocco
888-969-4242
516-683-3516
Fax: 302-654-7530
info@rigrodskylong.com
http://www.rigrodskylong.com

KEYWORDS:   United States  North America  Delaware

INDUSTRY KEYWORDS:

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2297999, ~/Articles/ArticleHandler.aspx, 4/19/2014 10:40:51 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...