According to the Complaint, Clifton Savings Bank is a metropolitan, community-focused bank serving residents and businesses in its market area through 12 full-service banking centers. Clifton Savings Bank offers traditional financial services and products to consumers and businesses in its market area.
This action stems from a proposed transaction announced on November 1, 2017 (the “Proposed Transaction”), pursuant to which Clifton Bancorp Inc. (“Clifton Bancorp” or the “Company”) will be acquired by Kearny Financial Corp. (“Kearny”). On January 23, 2018, Defendants filed a definitive proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction.
The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading. Accordingly, Plaintiff alleges herein that defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”) in connection with the Proxy Statement.
This case was voluntarily dismissed on March 9, 2018.