LEAD PLAINTIFF DUE DATE: December 7, 2015
PHILADELPHIA, Oct. 08, 2015 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com) announces that it filed a class action lawsuit in the U.S. District Court, District of Delaware, 99mc09999, on behalf of Hudson City’s shareholders (Nasdaq:HCBK) who were eligible to vote their shares at the April 18, 2013 meeting.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than December 7, 2015. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. To discuss this action or ask questions concerning this notice or your rights, please contact plaintiff’s counsel, toll-free 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. The firm has expertise in prosecuting class actions alleging violations of the federal securities laws.
The complaint charges M & T Bank Corporation, Hudson City Bancorp, and certain of their officers/directors with violations of the Exchange Act arising from a false/misleading proxy statement. On August 27, 2012 Hudson City announced that it would merge with M & T. Before the merger could close, approval was required by Hudson City shareholders at the April 18, 2013 meeting. At that meeting the Merger was approved, but has not closed due to regulatory and legal compliance issues which were not fully disclosed affecting M & T. Finally on September 30, 2015 the federal regulators approved the Merger, which is now expected to close by November 1.
The complaint alleges that holders of record who were entitled to vote were harmed due to the nondisclosure of the following information: that the M &T warranty that all BSA/AML laws had been obeyed was false; that M &T was at high risk of regulatory action, which could take years and hundreds of dollars to resolve; that Hudson City was at great risk proceeding as it was required to put its strategic plan on hold, and suffer stagnation or business reversals with no assurance that the merger would ever close; that the merger ratio negotiated was likely unfair, as it did not account for these regulatory risks and M&T’s misconduct; and that Hudson City’s dividend was at risk during the time period it would take for a merger to be completed. Class members are now stuck with acquiring shares in a bank with a spotty regulatory record, and which has been barred from any “expansionary activities” until regulators are satisfied that all legal issues are fixed.
To discuss this action or if you have any questions concerning this Notice with respect to this matter, PLEASE CONTACT:
LAW OFFICES BERNARD M. GROSS
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
866-561-3600 (toll-free)
susang@bernardmgross.com
debbie@bernardmgross.com