San Diego, Jan. 26, 2012 (Shareholders Foundation) -- Following the announcement that GOTHAM BANK OF NY agreed to be acquired by Provident Bank prompted an investigation for investors in GOTHAM BANK OF NY (PINK:GOBN) shares concerning whether the offer to acquire Gotham Bank of New York and the buyout process are unfair to investors in GOBN shares.

The investigations by law firms concern whether Gotham Bank of NY, certain officers and directors, and/or others breached their fiduciary duties to GOTHAM BANK OF NY (PINK:GOBN) investors in connection with the proposed acquisition.

On January 18, 2012, Gotham Bank of NY announced that they had entered into an agreement pursuant to which Provident Bank will acquire all of the outstanding shares of Gotham Bank of NY in an all-cash transaction. Gotham Bank's shareholders will receive a per share price equal to the sum of 125% of Gotham Bank's adjusted tangible net worth as of a date shortly prior to the closing date and the implied exercise price of options outstanding as of the closing date, divided by the outstanding shares of Gotham Bank of NY on the closing date assuming full exercise of outstanding options.

However, the investigation for GOBN investors concerns whether the Gotham Bank of NY Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to GOTHAM BANK OF NY (PINK:GOBN) shareholders by failing to adequately shop the Company before entering into this transaction. A potential securities class action lawsuit would seek to maximize the amount of money and information GOTHAM BANK shareholders would receive in a buyout, so the law firm.