Rigrodsky & Long, P.A. Files Class Action Suit Against Coastway Bancorp, Inc.
WILMINGTON, Del., June 13, 2018 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Rhode Island on behalf of holders of Coastway Bancorp, Inc. (“Coastway”) (NasdaqCM: CWAY) common stock in connection with the proposed acquisition of Coastway by HarborOne Bancorp, Inc. and its affiliate (“HarborOne”) announced on March 14, 2018 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Coastway and its Board of Directors (the “Board”), is captioned Parshall v. Coastway Bancorp, Inc., Case No. 1:18-cv-00279 (D.R.I.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
On March 14, 2018, Coastway entered into an agreement and plan of merger (the “Merger Agreement”) with HarborOne. Pursuant to the terms of the Merger Agreement, shareholders of Coastway will receive $28.25 in cash for each share of Coastway stock they own (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a proxy statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Proxy Statement omits material information with respect to, among other things, Coastway’s financial projections, the analyses performed by Coastway’s financial advisor, and potential conflicts of interest. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Coastway common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than August 13, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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