An investor rights law firm is investigating whether the sale of HV Bancorp, Inc. (NASDAQ: HVBC) to Citizens Financial Services, Inc. is fair to HV Bancorp shareholders.
Under the terms of the agreement, HV Bancorp shareholders will have the right to elect to receive for each share of HV Bancorp common stock either $30.50 in cash or 0.400 shares of Citizens common stock.
The investigation concerns whether HV Bancorp and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for HV Bancorp shareholders; (2) determine whether Citizens is underpaying for HV Bancorp; and (3) disclose all material information necessary for HV Bancorp shareholders to adequately assess and value the merger consideration.
On behalf of HV Bancorp shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
As for the shares themselves, they have skyrocketed in the last hour or so by $5.91, or 29.1%, to $25.80.
