According to the Complaint, United Financial is the holding company for United Bank, a full service financial services firm offering a complete line of commercial, small business, wealth management and consumer banking products and services to customers throughout Connecticut, Massachusetts and Rhode Island.
This action stems from a proposed transaction announced on July 15, 2019, pursuant to which United Financial Bancorp, Inc. will be acquired by People’s United Financial, Inc.
On July 15, 2019, United Financial’s Board of Directors caused the Company to enter into an agreement and plan of merger with People’s United. Pursuant to the terms of the Merger Agreement, United Financial’s stockholders will receive 0.875 of a share of People’s United stock for each share of United Financial common stock they own.
On September 4, 2019, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction, which scheduled a stockholder vote on the Proposed Transaction for October 22, 2019. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.