NEW YORK, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky LLP announces that on February 19, 2014 the Superior Court of New Jersey, Law Division: Hudson County, denied the defendants' motion for summary judgment in In re Pamrapo Bancorp, Inc. Shareholder Litigation (Kube v. Massarelli, et al.), Docket No. HUD-L-3608-12, and directed that the case proceed to trial on March 17, 2014. Levi & Korsinsky is counsel for Plaintiff and a class of former shareholders of Pamrapo Bancorp, Inc. (PBCI), claiming that the merger of Pamrapo and BCB Community Bancorp, Inc. (Nasdaq:BCBP) was unfair to Pamrapo's former shareholders, depriving them of millions of dollars of consideration.
The merger was first announced on June 29, 2009 and closed on July 6, 2010, with Pamrapo's shareholders receiving one share of BCB stock for each share of Pamrapo they owned equating to an implied value of approximately $9.47 at the announcement of the merger, which declined to $7.87 by the time of the close. Plaintiff and the Class claim that the merger consideration substantially undervalued Pamrapo, and resulted from a dishonest process in which the Board of Directors of Pamrapo and its Acting CEO and CFO Kenneth D. Walter breached their fiduciary duties of loyalty, good faith and due care owed to Pamrapo's shareholders, including by engaging in self-dealing and putting their personal interests ahead of Pamrapo's shareholders, and that BCB aided and abetted the Individual Defendants in their breaches of fiduciary duty. Based upon these claims, Levi & Korsinsky LLP seeks money damages from the Defendants for the benefit of the Class.
The trial, set to commence on March 17, 2014, will take place before the Hon. Mary K. Costello at the William Brennan Court House, Second Floor, 583 Newark Avenue, Jersey City, NJ 07306.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.