Alliance Financial Corporation Merger Litigation (Nasdaq: ALNC)
Law Office of Brodsky & Smith, LLC Announces Investigation of Alliance Financial Corporation.
BALA CYNWYD, October 9, 2012/PR Newswire/ –Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Alliance Financial Corporation (“Alliance Financial” or the “Company”) (Nasdaq- ALNC-News) relating to the proposed acquisition by NBT Bancorp, Inc. (“NBT”).
Under the terms of the transaction, Alliance Financial shareholders will receive only a fixed 2.1779 shares of NBT common stock for each share of Alliance Financial stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Alliance Financial for not acting in the Company’s shareholders' best interests in connection with the sale process to NBT. The price being paid may not reflect the Company’s continued success and future prospects as Alliance Financial has beaten analyst estimates in six of the previous eight quarters.
Further, the investigation concerns potential conflicts of interest. Following the completion of the transaction the Alliance Financial CEO will join the NBT board of directors and become a member of the NBT Executive Management Team. In addition, two current members of the Alliance Financial board will be added to the NBT board.
If you own shares of Alliance Financial stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org by calling toll free 877-LEGAL-90.
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