On or around 03/19/2018 (Court's order of dismissal)
Filing Date: March 05, 2018
Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a community-oriented financial institution serving the Northeast Florida, Central Florida, and Southeast Georgia markets through ten full-service branches and five lending offices.
This action stems from a proposed transaction announced on November 17, 2017 (the "Proposed Transaction"), pursuant to which Atlantic Coast Financial Corporation ("Atlantic" or the "Company") will be acquired by Ameris Bancorp ("Ameris").
According to the Complaint, on February 20, 2018, Defendants filed a proxy statement/prospectus with the United States Securities and Exchange Commission (the "SEC") in connection with the Proposed Transaction (the "Proxy Statement"). 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.
On March 15, 2018, pursuant to a Stipulation by the Parties, the Court dismissed this case.
Company & Securities Information
Defendant: Atlantic Coast Financial Corporation
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: ACFC
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. Atlantic Coast Financial Corporation, et al.