Lombardo v. Hudson City Bancorp, Inc. et al.September 06, 2012
Newman Ferrara LLP Files Class Action Lawsuit Against Hudson City Bancorp, Inc.
NEW YORK, September 6, 2012 (BUSINESS WIRE) – Newman Ferrara LLP announced today that it filed a class action lawsuit in the Court of Chancery of the State of Delaware (Case No. 7843) on behalf of shareholders of Hudson City Bancorp, Inc. ("Hudson City") (Nasdaq: HCBK) concerning the proposed acquisition of Hudson City by M&T Bank Corporation ("M&T") (NYSE: MTB).
On August 27, 2012, Hudson City announced that it had entered into an agreement and plan of merger to be acquired by M&T. Under the merger agreement, Hudson City shareholders will receive consideration valued at 0.08403 of a share of M&T common stock, in the form of either cash or M&T common stock, per share of Hudson City common stock owned.
Newman Ferrara's lawsuit alleges that Hudson City's Board of Directors breached its fiduciary duties to act in the best interests of Hudson City's shareholders and to take all necessary steps to ensure that Hudson City's shareholders receive the maximum value readily available for their shares of Hudson City common stock.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation with an emphasis on securities, ERISA, shareholder litigation, consumer fraud, and real estate.
Attorney: Roy Shimon
Tel: (212) 619-5400
Fax: (212) 619-3090