Energy News / Shareholders Foundation, Inc.

NASDAQ:ACFC Investor Alert: Lawsuit Filed in Effort to Halt the Takeover of Atlantic Coast Financial Corp

Via: ReleaseWire

Updated 12:00 PM CDT, Mon, March 12,2018

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 mail@shareholdersfoundation.com 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.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/nasdaqacfc-investor-alert-lawsuit-filed-in-effort-to-halt-the-takeover-of-atlantic-coast-financial-corp-946934.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com