NEW YORK, Jan. 15, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Abigail Adams National Bancorp., Inc. ("Abigail Adams" or the "Company") (Nasdaq:AANB) arising out of their attempt to sell the Company to Premier Financial Bancorp, Inc. ("Premier Financial"). Under the terms of the agreement, shareholders of Abigail Adams will receive 0.4461 shares of Premier Financial stock for every share they hold of Abigail Adams, which represents a per Abigail Adams share of $3.43 as of January 2, 2009. The transaction appears to be unfair and undervalues the Company's shares given that Abigail Adams's shares traded as high as $4.00 per share as recently as December 5, 2008.
If you own common stock in Abigail Adams and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/aanb.html
Levi & Korsinsky, LLP has extensive experience in prosecuting investor securities lawsuits and has an extensive practice in actions involving financial fraud. We represent investors throughout the nation, concentrating our practice in securities and shareholder litigation.