NEW YORK, June 22, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Delmarva Bancshares, Inc. ("DLMV" or the "Company") (OTC: DLMV) in connection with the proposed acquisition of the Company by BV Financial Inc. ("BV Financial"). Under the terms of the agreement, DLMV shareholders will be entitled to receive $8.90 in cash for each share of the Company's stock they own.
If you own DLMV shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether the $8.00 per share merger consideration reflects adequate compensation and maximum value for DLMV stockholders. Notably, in the press release announcing the merger, DLMV's CEO Kim C. Liddell stated the transaction "will be positive for both banks." Similarly, BV Financial's co-CEO Timothy L. Prindle noted that the combination "will create tremendous value for [the companies'] combined customers and communities." Yet DLMV stockholders are being cashed out of the deal and foreclosed from participating in any future upside of the post-merger company, so the proposed acquisition's impact on the "combined customers" or surviving post-merger is irrelevant as to whether DLMV's board maximized stockholder value in agreeing to the merger.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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SOURCE WeissLaw LLP