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 [email protected] 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