The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Commer...
January 05 2012 - 2:03PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
CommerceFirst Bancorp, Inc. (“CommerceFirst” or the “Company”)
(Nasdaq: CMFB) for possible breaches of fiduciary duty and other
violations of state law in connection with the sale of the Company
to Sandy Spring Bancorp, Inc. (Nasdaq: SASR). Under the proposed
agreement, Sandy Spring will acquire all of the shares of
CommerceFirst common stock for a combination of 50% Sandy Spring
common stock and 50% cash. CommerceFirst shareholders may elect to
receive cash, stock, or a combination of both. The stock
consideration will be at a fixed exchange ratio of 0.8043 of a
Sandy Spring share and the cash consideration will be $13.60 per
share. The transaction has a total approximate value of $25.4
million in cash and stock.
Click here to learn how to join the action:
http://www.zlk.com/commercefirst-bancorp-cmfb, or call:
877-363-5972.
The investigation concerns whether the CommerceFirst Board of
Directors breached their fiduciary duties to CommerceFirst
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Sandy Spring Bancorp,
Inc. is underpaying for CommerceFirst shares, thus unlawfully
harming CommerceFirst stockholders.
If you own common stock in CommerceFirst and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500,
toll-free: (877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky has extensive expertise in prosecuting
investor securities litigation involving financial fraud and
represents investors throughout the nation, concentrating its
practice in securities and shareholder litigation. For more
information, please feel free to contact any of the attorneys
listed below. Attorney advertising. Prior results do not guarantee
similar outcomes.
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