BALA CYNWYD, Pa., March 6, 2013 /PRNewswire/ -- Law office of
Brodsky & Smith, LLC announces that it is investigating
potential claims against the Board of Directors of Newport Bancorp,
Inc. ("Newport Bancorp" or the "Company") (Nasdaq: NFSB) relating
to the proposed acquisition by SI Financial Group, Inc. ("SI
Financial").
Under the terms of the transaction, Newport Bancorp shareholders
will receive only $17.55 per share in
cash or 1.5129 shares of SI Financial for each share of Newport
Bancorp stock they own. The investigation concerns possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of Newport Bancorp for not acting in the
Company's shareholders' best interests in connection with the sale
process to SI Financial. The focus of the investigation is whether
the Newport Bancorp Board of Directors breached their fiduciary
duties by failing to conduct an adequate and fair sales process
prior to agreeing to this proposed transaction. The proposed
transaction is only a very slight premium above the $17.25 Newport Bancorp stock traded at on
November 1, 2012.
If you own shares of Newport Bancorp stock and wish to discuss
the legal ramifications of the proposed transaction, or have any
questions, you may e-mail or call the law office of Brodsky &
Smith, LLC who will, without obligation or cost to you, attempt to
answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith,
LLC, Two Bala Plaza, Suite 602, Bala
Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com visiting
http://brodsky-smith.com/551-nfsb-newport-bancorp-inc.html, by
calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC
