According to the Complaint, on March 14, 2018, Coastway Bancorp, Inc. ("Coastway" or the "Company") announced that it had entered into an agreement and plan of merger (the “Merger Agreement”), by which HarborOne Bancorp, Inc.), will acquire all of the outstanding shares of Coastway (the “Proposed Transaction”). If consummated, Coastway stockholders will receive $28.25 in cash for each share of Coastway common stock that they own (“Merger Consideration”).
The Complaint alleges that on April 25, 2018, Defendants issued materially incomplete and misleading disclosures in the Schedule 14A Proxy Statement (the “Preliminary Proxy Statement”) filed with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint further alleges that approximately one month later, Defendants issued materially incomplete and misleading disclosures in the Schedule 14A Definitive Proxy Statement (the “Proxy Statement”), and which set June 21, 2018 as the date for the special meeting of stockholders of Coastway.
This case was voluntarily dismissed on July 11, 2018.