A lawsuit was filed by an investor in Oritani Financial Corp. (NASDAQ: ORIT) in connection with the proposed takeover and NASDAQ: ORIT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/18/2019 -- An investor, who currently hold shares of Oritani Financial Corp. (NASDAQ: ORIT), filed a lawsuit against the takeover of Oritani Financial Corp. by Valley National Bancorp.
Investors who purchased shares of Oritani Financial Corp. (NASDAQ: ORIT) and currently hold any of those NASDAQ: ORIT shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that investors do not have sufficient information to vote on the proposed takeover and wants the court to halt the takeover until investors received fully disclosure of takeover. The plaintiff claims that for instance investors did not received enough information about the financial analyses conducted by the adviser.
Washington Township, NJ based Oritani Financial Corp. operates as a savings and loan holding company for Oritani Bank that provides various banking services for individual and corporate customers. On June 26, 2019, Valley National Bancorp ("Valley") (NASDAQ:VLY) announced that it is doubling its market share in demographically attractive Bergen County and enhancing its presence in Hudson County by acquiring Oritani Financial Corp. The companies have entered into a merger agreement in which the common shareholders of Oritani will receive 1.60 shares of Valley common stock for each Oritani share they own. Based on a closing price of $10.18 per NASDAQ: VLY shares on June 25 2019, investors of Oritani Financial Corp. (NASDAQ: ORIT) will receive a value of approximately $16.29 per NASDAQ: ORIT share.
However, at least one analyst has set the high target price for NASDAQ: ORIT shares at $19.00 per share and NASDAQ: ORIT shares traded in the open market prior to the takeover announcement as high as $18.01 per share in February 2018.
Those who are current investors in Oritani Financial Corp. (NASDAQ: ORIT) shares have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , 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, investigation, and/or settlements are not filed/reached and/or 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.