Bernstein Liebhard LLP Announces Investigation Into the Proposed Sale of Bay Bancorp, Inc.
October 24, 2017
Bernstein Liebhard LLP is investigating whether the Board of Directors of Bay Bancorp, Inc. (“Bay Bancorp” or the “Company”) (NASDAQ: BYBK) is breaching its fiduciary duties to its shareholders by agreeing to sell the Company to Old Line Bancshares, Inc. (“OLBK”). Under the terms of the agreement, Bay Bancorp shareholders will receive a number of OLBK shares calculated by dividing $11.80 by the volume weighted average closing prices of OLBK common stock for the 20 trading days ending five trading days before the merger closes.
The investigation is focused on the potential unfairness of the consideration offered to Bay Bancorp shareholders and the process by which the Bay Bancorp Board of Directors considered and approved the acquisition.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer, and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times.