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Atlantic Coast Financial Corp (NASDAQ:ACFC) Investor Lawsuit Against Acquisition Filed

  • Investors who purchased shares of Atlantic Coast Financial Corp (NASDAQ:ACFC) may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Atlantic Coast Financial Corp
Security
NASDAQ: ACFC

Case Name
Atlantic Coast Financial Deal Case 03/14/2018
Type of Lawsuit
Mergers and Acquisition
Class Period Begin
Class Period End
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Summary

March 15, 2018 - The case was dismissed pursuant to an agreement by both parties.
March 5, 2018 - 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.

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.