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.