SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf
of Investors of Somerset Hills Bancorp - SOMH
NEW YORK, Jan. 30, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross
LLP is investigating claims on behalf of investors of Somerset
Hills Bancorp ("Somerset Hills" or the "Company") (NASDAQ: SOMH)
(ISIN: US8347281078) (CUSIP: 834728107) concerning the proposed
acquisition of Somerset Hills by Lakeland Bancorp in a transaction
valued at approximately $64.4 million
in aggregate value.
The investigation concerns whether the Somerset Hills directors
are breaching their fiduciary duties by failing to adequately shop
the Company and maximize shareholder value. Under the terms
of the agreement, Somerset Hills shareholders will be entitled to
receive, at their election, either 1.1962 shares of Lakeland
Bancorp common stock or $12.00 per
share in cash for each share of Somerset Hills common stock,
subject to proration as described in the Merger Agreement.
However, the price to EBITDA and revenue multiples are below those
of comparable transactions.
Somerset Hills shareholders seeking more information about this
acquisition are advised to contact Robert
Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or
888-476-6529, ext. 237.
The firm is also investigating actions on behalf of shareholders
for the following companies: Arbitron Inc., Net1 Ueps Technologies,
Inc., Universal Technical Institute, Clearwire Corporation,
Ameristar Casinos, Inc. K-Swiss, Inc., Neptune Technologies
Bioressources, Inc., BioClinica Inc., and Copano Energy
LLC.
The Pomerantz Firm, with offices in New York, Chicago and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 75 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of defrauded
investors. See www.pomerantzlaw.com.
SOURCE Pomerantz Grossman Hufford
Dahlstrom & Gross LLP