Law Firm Brower Piven Announces Investigation of Gotham Bank of New York

January 19, 2012 at 04:30 pm

MarketScreener.com By

The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Gotham Bank of New York ("Gotham Bank") (Pink Sheets: GOBN) and other violations of law by the board of directors of Gotham Bank relating to the proposed acquisition of the company by Provident Bank ("Provident Bank"), a subsidiary of Provident New York Bancorp ("Provident Bancorp"). The firm's investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value.

On January 18, 2012, Gotham Bank announced that they had entered into a definitive agreement pursuant to which Provident Bank will acquire all of the outstanding shares of Gotham Bank in an all-cash transaction. Gotham Bank's shareholders will receive a per share price equal to the sum of 125% of Gotham Bank's adjusted tangible net worth as of a date shortly prior to the closing date and the implied exercise price of options outstanding as of the closing date, divided by the outstanding shares of Gotham Bank on the closing date assuming full exercise of outstanding options. The transaction is expected to close in the third quarter of 2012.

If you currently own shares of Gotham Bank and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.