ReleaseWire

NASDAQ:ACFC Investor Alert: Investigation over Possible Wrongdoing in Acquisition of Atlantic Coast Financial Corp Announced

An investigation on behalf of investors of Atlantic Coast Financial Corp (NASDAQ:ACFC) in connection with the proposed takeover was announced and NASDAQ:ACFC stockholders should contact the Shareholders Foundation.

Posted: Friday, December 01, 2017 at 12:00 PM CST

San Diego, CA -- (SBWire) -- 12/01/2017 --An investigation was announced for investors, who currently hold shares of Atlantic Coast Financial Corp (NASDAQ:ACFC), over the takeover of Atlantic Coast Financial Corp by Ameris Bancorp.

Investors who purchased shares of Atlantic Coast Financial Corp (NASDAQ:ACFC) and currently hold any of those NASDAQ:ACFC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The investigation by a law firm concerns whether certain officers and directors of Atlantic Coast Financial Corp breached their fiduciary duties owed to NASDAQ:ACFC investors in connection with the proposed acquisition.

On November 17, 2017, Ameris Bancorp (Nasdaq: ABCB), the parent company of Ameris Bank, announced the signing of a definitive merger agreement under which Ameris Bancorp will acquire Atlantic Coast Financial Corporation (Nasdaq: ACFC). Under the terms of the definitive merger agreement, each share of Atlantic Coast common stock will be converted into the right to receive 0.17 shares of Ameris common stock and $1.39 in cash.

However, the investigation concerns whether the offer is unfair to NASDAQ:ACFC stockholders. More specifically, the investigation concerns whether the Atlantic Coast Financial Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Those who are current investors in Atlantic Coast Financial Corp (NASDAQ:ACFC) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com