On or around 03/12/2018 (Court's order of dismissal)
Filing Date: February 16, 2018
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.
Company & Securities Information
Defendant: Clifton Bancorp Inc.
Industry: S&Ls/Savings Banks
Headquarters: United States
Ticker Symbol: CSBK
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.
First Identified Complaint
Paul Parshall, et al. v. Clifton Bancorp Inc., et al.