According to the Complaint, Oritani Financial Corp. is the holding company for Oritani Bank, a New Jersey state chartered bank that offers a full range of retail and commercial loan and deposit products.

This action stems from a proposed transaction announced on June 26, 2019, pursuant to which Oritani Financial Corp. will be acquired by Valley National Bancorp.

On June 25, 2019, Oritani’s Board of Directors caused the Company to enter into an agreement and plan of merger with Valley. Pursuant to the terms of the Merger Agreement, Oritani’s stockholders will receive 1.60 shares of Valley common stock for each share of Oritani common stock they own.

On August 30, 2019, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.

This case was voluntarily dismissed on September 26, 2019.