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Prudential Bancorp, Inc.

Merger

  • Date:
  • 3/8/2022
  • Company Name:
  • Prudential Bancorp, Inc.
  • Stock Symbol:
  • PBIP
  • Company Name - Buyer:
  • Fulton Financial Corporation
  • Stock Symbol - Buyer:
  • FULT
  • Status:
  • Investigating
  • Merger Announcement Date:
  • 3/2/2022

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NEW YORK, March 8, 2022 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Prudential Bancorp, Inc. (NASDAQ: PBIP) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by Fulton Financial Corporation (NASDAQ: FULT).

On March 2, 2022, Prudential announced that it had entered into an agreement to be acquired by Fulton in a deal valued at approximately $142.10 million.  Pursuant to the merger agreement, Prudential stockholders will receive 0.7974 shares of Fulton common stock and $3.65 in cash for each share of Prudential common stock owned.  The deal is scheduled to close in the third quarter of 2022.

Bragar Eagel & Squire is concerned that Prudential’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement.  Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Prudential’s stockholders.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Prudential Bancorp. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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