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 email@example.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.
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