WILMINGTON, Del., Oct. 20, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Simplicity Bancorp ("Simplicity Bancorp" or the "Company") relating to the sale of the Company to HomeStreet, Inc. ("HomeStreet"). On September 29, 2014, Simplicity Bancorp and HomeStreet, Inc. ("HomeStreet") announced the signing of a definitive merger agreement pursuant to which HomeStreet would acquire Simplicity Bancorp in a merger valued at roughly $4.1 billion. As a result of the merger, Simplicity Bancorp shareholders are only anticipated to receive one (1) share of HomeStreet subject to adjustment if HomeStreet's closing stock price during a specified measurement period prior to closing is more than $20 or less than $15 per share.
Specifically, Andrews & Springer is investigating whether Simplicity Bancorp directors are breaching their fiduciary duties by failing to adequately shop the company and maximize shareholder value. Additionally, our firm is also investigating the Company's financial advisor, Keefe Bruyette & Woods, Inc., and whether Keefe Bruyette & Woods, Inc. conducted a fair sales process.
If you own shares of Simplicity Bancorp and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/SMPL or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.