October 30, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Astoria Financial Corp (NYSE:AF), was announced concerning whether the takeover of Astoria Financial Corp by New York Community Bancorp, Inc is unfair to NYSE:AF stockholders.

The investigation by a law firm concerns whether certain officers and directors of Astoria Financial Corp breached their fiduciary duties owed to NYSE:AF investors in connection with the proposed acquisition.

On October 29, 2015, New York Community Bancorp, Inc. (NYSE: NYCB), the parent company for New York Community Bank and New York Commercial Bank, and Astoria Financial Corp (NYSE:AF), the parent company for Astoria Bank, announced the signing of an agreement under which the two companies will combine in a strategic merger. Shareholders of Astoria Financial Corp (NYSE:AF) will receive one share of New York Community common stock and $0.50 in cash in exchange for each share of Astoria stock held at the merger date. Based on New York Communitys closing price of $19.16 per share on October 28, 2015, the merger will result in each Astoria Financial Corp (NYSE:AF) share being valued at $19.66 per share.

However, the investigation concerns whether the offer is unfair to Astoria Financial Corp (NYSE:AF stockholders. More specifically, the investigation concerns whether the Astoria Financial Corp (NYSE:AF Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Astoria Financial Corp reported that its Net Income increased from $53.09 million in 2012 to $95.92 million in 2014.

Shares of Astoria Financial Corp (NYSE:AF) grew from $12.09 per share in October 2014 to as high as $17.95 per share on October 28, 2015.