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Lawsuit filed for Investors of Dime Community Bancshares, Inc. (NASDAQ: DCOM) against Takeover

09-29-2020 01:11 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed by an investor of Dime Community Bancshares, Inc. (NASDAQ: DCOM) in connection with the proposed takeover.

A lawsuit was filed by an investor of Dime Community Bancshares, Inc. (NASDAQ: DCOM) in connection with the proposed takeover.

The Shareholders Foundation announced that an investor, who currently hold shares of Dime Community Bancshares, Inc. (NASDAQ: DCOM), filed a lawsuit against the takeover of Dime Community Bancshares, Inc.

Investors who purchased shares of Dime Community Bancshares, Inc. (NASDAQ: DCOM) and currently hold any of those NASDAQ: DCOM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Dime Community Bancshares, Inc. breached their fiduciary duties owed to NASDAQ: DCOM investors in connection with the proposed acquisition.

Brooklyn, NY based Dime Community Bancshares, Inc. operates as the holding company for Dime Community Bank that provides commercial banking and financial services in New York. On July 01, 2020, Bridge Bancorp, Inc. (Nasdaq: BDGE), the parent company of BNB Bank, and Dime Community Bancshares, Inc. (Nasdaq: DCOM), the parent company of Dime Community Bank, announced that they have entered into a merger agreement pursuant to which the companies will combine in an all-stock merger of equals transaction, valued at approximately $489 million. Under the terms of the merger agreement, Dime Community Bancshares, Inc will merge with and into Bridge, with Bridge as the surviving corporation, and Dime Community Bank will merge with and into BNB Bank, with BNB Bank as the surviving institution. Following the closing of the transaction, Dime Community Bancshares, Inc (NASDAQL DCOM) shareholders will receive 0.6480 shares of Bridge common stock for each share of Dime common stock they own. Based on a closing price of $22.55 per NASDAQ: BDGE share on June 30, 2020, investors in Dime Community Bancshares, Inc (NASDAQL DCOM) shares will receive a value of approximately $14.61 per share.

On September 14, 2020, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction.

The plaintiff alleges that the Registration Statement that was filed in connection with the proposed transaction omitted material information with respect to the Proposed Transaction, which rendered the Registration Statement false and misleading.
At least one analyst has set the high price target for NASDAQ: DCOM shares at $17.00 per share and shares of Dime Community Bancshares, Inc. (NASDAQ: DCOM) reached as high as $22.50 per share in October 2019.

Those who are current investors in Dime Community Bancshares, Inc. (NASDAQ: DCOM) shares have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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