MILWAUKEE, Sept. 17, 2024 /PRNewswire/ -- Ademi LLP is investigating First of Long Island (Nasdaq: FLIC) for possible breaches of fiduciary duty and other violations of law in its transaction with ConnectOne.
Click here to learn how to join our investigation https://www.ademilaw.com/case/first-long-island-corporation or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
In the transaction, First of Long Island shareholders will receive only 0.5175 shares of ConnectOne common stock for each share of First of Long Island common stock. The transaction is valued at approximately $284 million, or approximately $12.40 per First of Long Island share, based upon the closing common stock price of $23.97 for ConnectOne Bancorp as of September 4, 2024.
The transaction agreement unreasonably limits competing transactions for First of Long Island by imposing a significant penalty if First of Long Island accepts a competing bid. First of Long Island insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of First of Long Island's board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
If you own First of Long Island common stock and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, or https://www.ademilaw.com/case/first-long-island-corporation.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
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SOURCE Ademi LLP
