According to the Complaint, Beneficial Bancorp, Inc. ("Beneficial" or the Company) is a is a community-based,
diversified financial services company providing consumer and commercial banking services.
On August 8, 2018, Beneficial and WSFS Financial Corporation ("WSFS") issued a joint press release announcing
the Proposed Transaction, whereby WSFS will combine with Beneficial. The Complaint alleges that on September 27, 2018, in order to convince Beneficial’s public common shareholders to vote in favor of the Proposed Transaction, Defendants authorized the filing of a materially incomplete and misleading Form S-4 Registration Statement (the “Proxy”) with the SEC, in violation of Sections 14(a) and 20(a) of the Exchange Act. The Complaint alleges that in particular, the Proxy contains materially incomplete and misleading information concerning: (i) financial projections for Beneficial; and (ii) the valuation analyses performed by Beneficial’s financial advisor in support of their fairness opinion.