Smithtown Bancorp, Inc. : Merger with People's United Financial, Inc. Securities Litigation
On or around 10/20/2010 (Notice of voluntarily dismissal)
Filing Date: September 01, 2010
According to the complaint filed on September 01, 2010, this action arises out of the unlawful actions of the Director Defendants in conspiracy with or aided and abetted by the third parties, in connection with a proposed transaction.
The Proposed Transaction is at a grossly inadequate and unfair price and was arrived at by an unfair and tainted process that was intended to provide valuable assets of the Company to defendants for unfair and inadequate consideration. Defendants have acted together, in concert, or in conspiracy to the detriment of the Company and in breach of the Director Defendants' fiduciary duties to Smithtown.
This action was voluntarily dismissed by the plaintiff on October 20, 2010. Senior Judge Leonard D. Wexler ordered this case dismissed on October 25, 2010.
Company & Securities Information
Defendant: Smithtown Bancorp, Inc.
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: SMTB
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.