Bernstein Liebhard LLP Announces Investigation of Tower Bancorp, Inc.
June 21, 2011
Bernstein Liebhard LLP is investigating whether the Board of Directors of Tower Bancorp, Inc. (“Tower” or the “Company”) (NASDAQ: TOBC) breached its fiduciary duty to its shareholders in agreeing to sell Tower to Susquehanna Bancshares, Inc.
Under the terms of the agreement, Tower shareholders will receive either 3.4696 shares of Susquehanna stock or $28 in cash for each share they own. The investigation is focused on the potential unfairness of the price to Tower shareholders and the process by which the Tower Board of Directors considered and approved the transaction.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last eight years.