A lawsuit was filed for investors in shares of Atlantic Coast Financial Corp (NASDAQ:ACFC) in connection with the proposed takeover.
San Diego, CA -- (SBWIRE) -- 03/12/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Atlantic Coast Financial Corp (NASDAQ:ACFC), filed a lawsuit in against the acquisition of Atlantic Coast Financial Corp by Ameris Bancorp.
Investors who purchased shares of Atlantic Coast Financial Corp (NASDAQ:ACFC) and currently hold any of those NASDAQ:ACFC shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ACFC stockholders by agreeing to sell Atlantic Coast Financial Corp cheaply via an unfair process to Ameris Bancorp.
On November 17, 2017, Ameris Bancorp (Nasdaq: ABCB), the parent company of Ameris Bank, announced the signing of a definitive merger agreement under which Ameris Bancorp will acquire Atlantic Coast Financial Corporation (Nasdaq: ACFC). Under the terms of the definitive merger agreement, each share of Atlantic Coast common stock will be converted into the right to receive 0.17 shares of Ameris common stock and $1.39 in cash.
However, plaintiff claims that the proposed consideration NASDAQ:ACFC shareholders will receive is grossly inadequate and undervalues Atlantic Coast Financial Corp. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:ACFC stockholders.
Those who are current investors in Atlantic Coast Financial Corp (NASDAQ:ACFC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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