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Lawsuit seeks to block OceanFirst/Ocean Shore deal

OceanFirstFinancial Corp. and members of its board are facing a lawsuitrelated to the company's pending acquisition of Ocean City, N.J.-basedOcean Shore HoldingCo., according to an amended Form S-4 filed by OceanFirst.

The putative class action filed by purported OceanFirststockholder Robert Garfield in the Superior Court of New Jersey, Ocean County,on Sept. 8 generally alleges that the OceanFirst directors breached theirfiduciary duties by approving the deal.

The lawsuit, which alleges that the deal is not in the bestinterests of the OceanFirst stockholders and provides personal benefits to theindividual defendants, seeks to enjoin the proposed , as well as unspecifiedmoney damages, costs, and attorney's fees and expenses.

Toms River, N.J.-based OceanFirst intends to vigorouslydefend against all claims asserted, saying that the allegations in the lawsuitare meritless.