Contact Information: CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. Joseph Levi, Esq. 30 Broad Street, 15th Floor New York, NY 10006 Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Central Jersey Bancorp - CJBK
| Source: Levi & Korsinsky, LLP
NEW YORK, NY--(Marketwire - June 23, 2009) - Levi & Korsinsky announces that a class action
lawsuit has been filed in the Superior Court of New Jersey challenging the
proposed acquisition of Central Jersey Bancorp ("Central Jersey" or the
"Company") (NASDAQ : CJBK ).
The Complaint arises out of the announcement by Central Jersey stating that
it had entered into a definitive merger agreement with OceanFirst
Finanacial Corp. ("OceanFirst") (NASDAQ : OCFC ). Under the merger agreement,
Central Jersey shareholders will receive 0.5 shares of OceanFirst stock for
each share of Central Jersey they own. Based on the May 26, 2009 closing
price of OceanFirst stock at $14.23 per share, the transaction values
Central Jersey shares at $7.12 for a total deal value of approximately
$68.4 million. The price is unfair given that Central Jersey shares traded
at $7.50 per share as recently as February 10, 2009 and the 60-day average
of OceanFirst shares is only $11.91 per share. Also, since the transaction
was announced, the price of OceanFirst shares have traded as low as $10.83
per share.
If you own common stock in Central Jersey and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/cjbk1.html
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its practice
in securities and shareholder litigation.